After raising millions, Austin’s FlashParking makes first acquisition

Six months ago, FlashParking raised $60 million for growth.

Now the Austin-based company, which develops technology for managing parking lots, is putting that money to work with its first acquisition.

FlashParking said Monday it has purchased the parking division of Control Systems Inc., a West Hartford, Conn.-based company that serves more than 1,600 customers.

Financial terms of the deal were not disclosed.

Founded in 2011, FlashParking originally helped valet stands manage their revenue. The company allowed customers to pay for their parking and tip on their phone.

Today, FlashParking provides a suite of products that let operators manage valet, event, gated and monthly parking as well as mobile payments.

FlashParking received the $60 million investment from L Catterton, a consumer-focused investment firm based in Greenwich, Conn. L Catterton has also backed Austin-based Hopdoddy Burger Bar and Snap Kitchen.

FlashParking targets industries including airports, hospitality, commercial businesses, health care and higher education.

Among FlashParking’s customers is Texas Medical Center in Houston, which uses the company’s technology to simplify parking, reduce congestion and improve traffic flow at 19 garages and 20 surface lots.

The center is the largest medical complex in the world, according to the Texas Medical Center website, and has more than 10 million patients, visitors, staff and students passing through annually.

In addition to Texas Medical Center, FlashParking technology is used by 6.4 million parkers a month at more than 1,300 locations worldwide

In January, FlashParking, which has raised a total of $64 million, had 250 employees and said it planned to more than double its workforce over the next year.

The acquisition of Control Systems Inc.’s parking division expands FlashParking’s customer base in the Northeast.

“CSI is the first of future strategic acquisitions,” said Dan Sharplin, FlashParking CEO. “We are excited about shifting the paradigm and establishing a new model to drive growth.”

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