T2 Systems Company Profile
Background
Mission and Vision
T2 Systems, founded in 1994, is dedicated to enhancing the parking, mobility, and transportation experience through innovative technology solutions. The company's mission is to streamline these experiences by providing organizations with tools to manage resources effectively, achieve their goals, and empower consumers with choices. Their vision is to "make every trip a smooth journey."
Industry Significance
As a leader in the parking management industry, T2 Systems offers a comprehensive suite of solutions that address the evolving needs of parking operations. Their unified platform integrates various aspects of parking management, including permits, enforcement, access and revenue control systems (PARCS), pay stations, and mobile payments, positioning them as a significant player in the industry.
Key Strategic Focus
Core Objectives and Specialization
T2 Systems focuses on providing a unified parking management platform that enables efficient and effective operations. Their specialization includes:
- Permit Management: Streamlining the issuance and management of parking permits.
- Enforcement: Implementing solutions for monitoring and enforcing parking regulations.
- PARCS: Managing access and revenue control systems for parking facilities.
- Pay Stations and Mobile Payments: Offering convenient payment options for parkers.
Key Technologies Utilized
The company leverages advanced technologies such as License Plate Recognition (LPR) and integrated software solutions to provide seamless parking experiences. Their T2 Velocity system combines LPR, transient payments, permits, enforcement, and collections into a single, integrated, gateless access and revenue control system.
Primary Markets Targeted
T2 Systems serves a diverse clientele, including:
- Universities and Colleges: Providing solutions tailored to campus parking needs.
- Municipalities: Assisting cities and towns in managing public parking facilities.
- Healthcare Facilities: Offering parking management for hospitals and clinics.
- Private Operators: Supporting private parking operators with comprehensive solutions.
Financials and Funding
Funding History
In 2011, T2 Systems attracted a $28 million equity investment from Pamlico Capital, aimed at supporting the company's growth and expansion initiatives.
Acquisition by Verra Mobility
In November 2021, Verra Mobility, a leading provider of smart mobility technology solutions, acquired T2 Systems for $347 million. This acquisition aimed to expand Verra Mobility's portfolio of urban mobility solutions.
Technological Platform and Innovation
Proprietary Technologies
T2 Systems offers a unified parking management platform that integrates various solutions, including:
- T2 Velocity: A frictionless parking access and revenue control system combining LPR, transient payments, permits, enforcement, and collections into a single, integrated, gateless system.
- T2 MobilePay: A contactless payment solution allowing customers to pay for parking via their mobile devices.
Significant Scientific Methods
The company employs advanced data analytics and machine learning algorithms to optimize parking operations, enhance enforcement accuracy, and improve customer experiences.
Leadership Team
Key Executives
- Lin Bo: Senior Vice President
- Matt Alameda: Senior Vice President of Finance
- Zack Harmeyer: Senior Vice President of Product
- David Grimwood: Senior Vice President of Technology
- Tommy Kinsman: Vice President of Operations
- Mindy Powers: Head of Commercial Sales
- Trent Anderson: Head of Marketing & Strategy
- Andrea Hanson: Head of Legal & Compliance
- Audrey Tarter: Vice President of Human Resources
Leadership Changes
In August 2024, Lin Bo joined T2 Systems as the business leader, succeeding Adam Blake, who led the company for nearly a decade.
Competitor Profile
Market Insights and Dynamics
The parking management industry is experiencing significant growth, driven by urbanization, increased vehicle ownership, and the demand for efficient parking solutions. The integration of technology in parking operations is a key trend, with a focus on contactless payments, real-time data analytics, and smart parking systems.
Competitor Analysis
Key competitors in the parking management sector include:
- ParkMobile: Specializes in mobile parking payments and reservations.
- LAZ Parking: Offers comprehensive parking management services across various sectors.
- Towne Park: Provides parking and hospitality services, including valet and self-parking solutions.
- Passport: Focuses on mobile payment solutions and parking enforcement software.
- Parkopedia: Offers a global parking database and navigation services.
Strategic Collaborations and Partnerships
T2 Systems has engaged in significant partnerships to enhance its service offerings:
- EasyPark Collaboration: Expanded paid parking services in Vancouver, British Columbia, by partnering with EasyPark.
- Barnacle Parking Integration: Integrated Barnacle Parking Enforcement's system with T2 Systems' Flex Enforcement Solution to improve operational efficiency.
