PayByPhone UK Ltd, a mobile parking payments company and a subsidiary of Volkswagen Financial Services, acquired Mirada Connect Ltd, a provider of cashless parking services through Connect Cashless Parking, from Mirada plc (AIM: MIRA).
The amount of rhe deal was not disclosed.
The acquisition, the first for PayByPhone UK under Volkswagen Financial Services ownership, represents a move to further solidify its position in the UK market.
Led by Tom Hughes, Managing Director, Connect provides its payment services through Connect Cashless Parking, which gives cashless parking via an app or phone to drivers. With the acquisition of Connect’s half a million users and 968 off-street locations, PayByPhone will now provide cashless payment solutions in over 9,000 parking locations across the UK.
Led by Jonny Combe, CEO, PayByPhone UK leverages mobile web, smartphone and smartwatch applications to provide consumers with pay services for parking without waiting in line, having to carry change or risking costly fines. The app reminds the user when their parking is about to expire, to top up from anywhere, at any time.
It processes more than £300m in payments annually.