TKH acquires technology company for parking solutions

TKH announces that it has reached agreement on the acquisition of 100% of the shares in ParkEyes, a technology leader in the field of intelligent infrastructure and image-based parking facility solutions and located in Malaga (Spain). ParkEyes’ innovative technology uses proprietary video analytics, based on Artificial Intelligence, to offer an automated end-to-end solution to the parking industry, where the technology also enables to serve smaller parking garages.

With this acquisition, TKH acquires specific parking related video analytics technology which is complementary to the existing technologies for parking solutions. Through the TKH network and the strong geographical presence of TKH in North America, Europe and Australia, ParkEyes will be able to accelerate growth and expansion of their market position by offering a more complete parking solution.

Alexander van der Lof, CEO of TKH: "The solutions of ParkEyes will further strengthen our position in our vertical growth market Parking. The technology of ParkEyes enables TKH to serve both larger and smaller parking garages and is complementary to TKH’s technology. The combination will accelerate growth by offering joint solutions where TKH gets access to smaller parking garages.”

Rafael Zorilla Robles, CEO of ParkEyes: "The combination of the technologies of both companies delivers great synergies for our customers as well as our teams. Our strong relationships in the area of premium parking operators, investors and shopping centers, as well as our presence in South America and the Middle East, will contribute in the internationalization of the TKH Parking Solutions.”

ParkEyes has 41 employees (FTEs) and reports a profitable annual turnover of € 5.9 million. The activities will be part of TKH’s sub segment vision & security systems, within the business segment Building Solutions.

TKH finances the transaction from existing resources and expects that the acquisition will have a positive effect on TKH's earnings per share as in 2019.

Press Release acquisition ParkEyes

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