Nayax Ltd. (NYAX) has agreed to acquire IPS Group Inc. from Windjammer Capital Investors for $350 million in cash.
The transaction is expected to close in the fourth quarter of 2026.
The transaction will be funded with cash on hand and approximately $150 million of new committed debt, with net leverage expected at about 3.8x at closing and below 3.0x by the end of 2027.
The acquisition is expected to expand the company's addressable cashless opportunity to approximately $342 billion by 2029, while providing cross-selling opportunities across payments, parking and EV charging.
IPS provides payment-enabled smart parking technology, including parking meters, mobile and text-based payments, enforcement and permitting software, vehicle detection and curb data analytics.
The company serves more than 250,000 parking spaces and operates across municipalities, universities and private parking operators.
IPS is expected to generate more than $90 million in 2026 revenue, with more than 60% recurring revenue and approximately $21 million in adjusted EBITDA.
The transaction values IPS at approximately 17x 2026E adjusted EBITDA, or about 12x including more than $8 million in expected run-rate EBITDA synergies.
The company said it expects the acquisition to be immediately accretive to gross margin, adjusted EBITDA margin, adjusted EPS and free cash flow conversion.
In the pre-market trading, Nayax is 6.39% higher at $49.13 on the Nasdaq.
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