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Nayax Enters into Definitive Agreement to Acquire IPS Group, a Leading Smart Parking Technology Provider

NYAX
  • Nayax Ltd. announced a definitive all-cash agreement to acquire IPS Group, Inc. from Windjammer Capital Investors for $350 million.
  • The transaction combines Nayax's global payments infrastructure with IPS's smart parking hardware & software to expand unattended commerce capabilities.
  • IPS operates over 250,000 parking spaces across the US, UK, Ireland & Canada, while Nayax serves more than 120 countries.
  • The acquisition targets immediate expansion into Continental Europe & cross-selling opportunities for EV charging solutions.
  • Total enterprise value represents approximately 17x 2026E Adjusted EBITDA, dropping to roughly 12x when factoring in over $8 million in run-rate synergies.
  • IPS reported estimated FY 2026 revenue exceeding $90 million with over 60% recurring revenue & an Adjusted EBITDA of approximately $21 million.
  • The deal is immediately accretive to gross margin, Adjusted EBITDA margin, EPS, & free cash flow conversion, though it is excluded from Nayax's 2026 guidance.
  • Run-rate EBITDA synergies of over $8 million are projected by 2029 through payment infrastructure migration & international market expansion.
  • Net leverage is expected to be approximately 3.8x at closing, improving to below 3.0x by the end of 2027.
  • The $350 million transaction is funded using cash on hand & approximately $150 million in new committed debt.
  • IPS's executive team will continue to lead operations from San Diego, California, with closing expected in Q4 2026 pending regulatory approvals.
  • Jefferies LLC served as financial advisor to Nayax, while Harris Williams served as financial advisor to IPS & Windjammer Capital Investors.