Fontinalis Partners, LLC, a Michigan-based strategic investment firm, today announced that it has invested in Parkmobile USA, Inc., and the firm's parent company, Parkmobile International B.V., a leading provider of mobile parking payment systems and integrated transportation technology solutions. The financial terms of the transaction were not disclosed.
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Parkmobile USA, founded in 2008 and headquartered in Atlanta, is one of the largest providers of mobile parking payment systems and transportation technology solutions in the United States. Parkmobile products have been in wide use since 1999, the year Parkmobile USA's European counterpart, Parkmobile Group, was founded.
Parkmobile's cashless parking system allows motorists to pay for parking through an application on their mobile phone or by making a short call, eliminating the need to carry change, predict their length of stay and continually feed the meter. The Company also is a leading provider of Electronic Parking Permits. Parkmobile's solutions offer a strong business case to municipalities and private operators of all sizes, by significantly increasing revenue, while reducing costs, traffic congestion, fuel usage and vehicle emissions. This proprietary suite of electronic parking solutions puts the Company at the forefront of its industry.
Mark Schulz, a Founding Partner at Fontinalis and the former President of Ford Motor Company's International Operations has been appointed chairman of Parkmobile USA.
Led by Chief Executive Officer Albert Bogaard, Parkmobile USA's senior management team will continue to lead the company. Collectively, Parkmobile's executive leadership group represents one of the most experienced transportation management teams in the electronic parking and congestion management field.
William Clay Ford, Jr. ("Bill Ford"), another Founding Partner of Fontinalis Partners and Executive Chairman of Ford Motor Company, added: "We are delighted to partner with Albert Bogaard and the Parkmobile USA team. The Parkmobile business model is directly aligned with Fontinalis' mission to invest in and assist firms which are currently providing transformational ideas and products devoted to solving the world's most pressing environmental and mobility-oriented problems."
Fontinalis Partners is not affiliated with Ford Motor Company.
"Fontinalis' investment is a validation of our company's achievements to date and represents a considerable endorsement of our future growth potential throughout the United States and the international community," said Mr. Bogaard. "Given their team and transportation technology focus, Fontinalis has an unparalleled ability to provide its portfolio companies the resources and support they need to scale and succeed. Together, we will continue to invest in the people, infrastructure and systems necessary to provide differentiated value to our governmental, private parking and fleet operator partners."
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