Nayax completes $350m acquisition of IPS Group

Nayax has completed its acquisition of IPS Group, paying $350 million in cash for the smart-parking technology provider previously owned by Windjammer Capital Investors. The Nayax acquires IPS Group transaction closed on October 1, 2026, according to the company, and was financed with cash on hand and about $150 million of new borrowings.

Nayax said the debt was provided by Poalim Tech, Bank Hapoalim’s technology banking arm, and First International Bank of Israel. The company described the $350 million figure as enterprise value on a cash-free, debt-free basis.

The closing follows Nayax’s August 25 announcement of a definitive agreement to buy IPS. At that time, the companies said completion was expected in the fourth quarter, subject to regulatory approvals and other customary closing conditions.

What does IPS Group provide?

IPS supplies smart-parking and curb-management technology to municipalities, universities and private operators. Its products and services include parking meters, mobile and text payment options, and parking-management software, according to Nayax.

IPS manages more than 250,000 parking spaces in the US, Canada, the UK and Ireland. Nayax said it intends to combine IPS’s parking operation with its payment infrastructure and EV-charging offering for those types of operators. Chad Randall, IPS’s chief executive, and the company’s executive team will continue to run the business from San Diego.

How Nayax values the transaction

Nayax said the $350 million enterprise value represented about 17 times IPS’s estimated 2026 adjusted EBITDA before anticipated synergies. It put the multiple at about 12 times when including expected run-rate synergies of more than $8 million.

Those synergies remain forward-looking. When the agreement was announced in August, Nayax said it expected the savings and other benefits to arise by 2029 from moving IPS payment volume onto Nayax’s processing infrastructure, expanding into additional international markets and cross-selling EV charging.

The company reiterated that IPS is expected to generate more than $90 million in revenue in fiscal 2026, including more than 60% recurring revenue, and about $21 million in adjusted EBITDA. Nayax also expects IPS to add $20 million to $22 million of revenue and more than $5 million of adjusted EBITDA to its own 2026 results, covering October 1 through December 31.

Nayax said it expects the acquisition to increase its gross-margin and adjusted EBITDA-margin measures, adjusted earnings per share and free-cash-flow conversion immediately. The revenue, earnings, synergy and margin figures are company expectations rather than reported results.

Jefferies advised Nayax financially and Reed Smith served as its legal counsel. Harris Williams advised IPS and Windjammer Capital Investors, while Kirkland & Ellis acted as legal counsel, Nayax said.

This story draws on original reporting from Finextra Research.