PayByPhone UK makes first-ever acquisition with purchase of Mirada Connect

The rapidly-growing leader in mobile parking payments, PayByPhone UK Ltd, a subsidiary of Volkswagen Financial Services, today announced its acquisition of Mirada Connect Ltd (“Connect”), which provides cashless parking services through Connect Cashless Parking, from Mirada plc (AIM: MIRA).

This is the first acquisition for PayByPhone UK under Volkswagen Financial Services ownership and is a move that further solidifies PayByPhone’s position as a dominant force in the UK market.

Jonny Combe, PayByPhone’s UK CEO, says: “We’re a strong, dynamic and growing team and we’re quickly positioning ourselves as the UK market leader with a surge of new contract wins, aggressive growth initiatives and acquisitions. Connect is a well-established company and the number one player in the railway parking sector, which is key for us, so it’s a perfect fit. This acquisition forms another crucial building block of our off-street parking strategy, on which we expanded earlier this year with the NCP partnership.”

Connect’s payment services are offered through Connect Cashless Parking, which provides cashless parking via an app or phone to drivers. With the acquisition of Connect’s half a million users and 968 off-street locations, PayByPhone will now provide cashless payment solutions in over 9,000 parking locations across the UK.

Tom Hughes, Connect Managing Director, says, “This is a fantastic opportunity for us, and we are thrilled to become part of the PayByPhone family. We look forward to a new and exciting future together.”

Combe concludes: “Connect has built an incredible product with a lean team and we are excited about the boost they will bring to us. We are not planning to implement any changes for the time being. The services provided will continue as normal and the employees will remain in their current teams. We are delighted to be adding Connect to our portfolio and to bring it on our journey as we expand across the UK.”

For more information, please visit www.paybyphone.co.uk.