EQT Agrees to Acquire Australian Smart Parking Tech Firm Orikan

EQT AB agreed to acquire Australia’s Orikan, saying it will help the smart parking technology company invest in innovation, strengthen its business and expand into adjacent markets.

The investment is part of EQT Private Capital Asia’s strategy under its Asia-focused MMG Fund, which has also invested in PropertyMe and Japan’s Mamezorecently, EQT said in a statement Monday. It didn’t disclose financial terms.

“Orikan is a business we have followed closely and one that fits well with EQT’s Asia mid-market strategy,” Nicholas Macksey, co-head of EQT Private Capital Asia, said in the statement. “We see significant potential to help the company.”

The transaction is subject to customary conditions and approvals. The Australian Financial Review, citing unidentified sources, reported earlier that EQT would pay about A$475 million ($330 million) to buy Orikan from Five V Capital Pty.

Melbourne-based Orikan provides parking management operations with its software, hardware, payments and data services. It has customers in the government and private sectors — including universities, airports, hospitals and stadiums — in Australia, New Zealand and North America.

“Orikan’s unique combination of best-in-class proprietary technology and comprehensive operational support services is highly differentiated and has generated a loyal following,” EQT Private Capital Asia Managing Director Jacob Van der Wiel said.

Sydney-based asset manager Perpetual Ltd. last week rejected a takeover offer by Windflower Pte, which is indirectly controlled by EQT.