Out-of-State Firm to Acquire T2 Systems
The new chief executive officer of Indianapolis-based T2 Systems Inc. says the acquisition by a California private equity investment firm is all about growth. Adam Blake, who previously served as chief operating officer, will take the reins from Michael Simmons, who founded the company in 1994. Blake, a Purdue University graduate, says new equity partner Thoma Bravo LLC will bring an infusion of capital that will help the parking technology provider maintain its leadership position.
Blake says the deal will lead to "across-the-board growth" at T2’s offices in Indy and Canada.
Financial details were not disclosed, however Blake says Thoma Bravo "likes to work with (a company’s) existing base and working off our core LT team, that’s also what attracted us to this partnership."
Simmons says "my goal in founding T2 was to provide more effective solutions to our customers’ parking problems. Over the past twenty plus years we’ve built a great team, created a positive and productive workplace, consistently achieved our corporate goals, and are constantly adding new services and incorporating the latest technology to design better parking solutions. It’s been a great run for me and I’m so proud of what we’ve achieved so far."
Blake was appointed president of T2 in February. The company, which was founded in 1994, employs around 260 and has Indianapolis and Vancouver offices, as well as a remote team for sales and customer support. Blake says T2 has approximately 1,000 customers in North America, mostly municipalities and universities.
The acquisition is the fourth investment made by Thoma Bravo’s Discover Fund, which focuses on "growth-oriented technology companies."
Blake tells Inside INdiana Business Thoma Bravo will build off T2’s existing "solid, core team." He says he sees growth opportunities on the technology side of the business, including to software and additional services to help customers manage operations.