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FAAC Buys TIBA

Word is out that Italian based FAAC has purchased TIBA. FAAC is the owner of Hub Parking Technologies, Datapark, and Zeag. You can read the entire news release here.

Here’s the gist:

An acquisition of 135 million dollars for 60 million dollars in turnover and 130 employees, the largest in the history of the Italian multinational from a financial point of view. With this transaction, FAAC strengthens its position in the parking management systems segment, achieving leadership in the largest market in the world, North America, and placing itself among the top players at a global level.

Just what this means to the parking marketplace remains to be seen. It will obviously move FAAC into the role of a senior major player in the PARCS systems suppliers. Stay Tuned.

JVH

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