TKH announces that it has reached agreement on the acquisition of 100% of the shares in Park Assist (USA).
Park Assist is an innovative vision technology company which focuses on technology solutions for managing car parks and has a presence in New York City (USA), Australia and United Kingdom. With the acquisition of Park Assist, TKH expands its geographical position in North America and Australia and acquires specific parking related video analytics technology to complete the existing technologies for parking solutions in the TKH Group.
Park Assist uses own developed video analytics technology that is aimed at monitoring of parking lots and traffic streamlining in parking garages through which efficiency, utilization and the attractiveness of parking increases. Through the TKH technologies, Park Assist will be able to offer more complete parking solutions in their existing markets. Through the TKH network and the strong geographical presence of TKH in Europe and Asia, Park Assist will be able to accelerate growth and expansion of their market position in Europe and Asia.
Alexander van der Lof, CEO of technology company TKH: "The technologies of TKH and Park Assist perfectly complement each other and the combination will accelerate the growth of their joint parking solutions. The combined technologies enable parking organisations on the one hand to increase their profitability and on the other hand to match to the trends in parking for differentiated tariffs and higher customer satisfaction. Both companies have cooperated successfully for some time, have developed among others the 'LED Light Pipe Park Assist' and supported each other in gaining new market positions".
Richard Joffe and Daniel Cohen, CEO’s of Park Assist: "Becoming a member of the TKH Group, it offers for both, Park Assist and TKH Group, unique opportunities. The combination of innovations of our companies delivers great synergies for our teams, our customers as well as the market. TKH's strategy for sensor solutions fits perfectly in that of Park Assist and enables us to expand our presence in the sensor market.”
Park Assist has 36 employees (FTEs) and reports a profitable annual turnover of more than € 15 million. The activities of Park Assist 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 from the third quarter 2013.