A week after the acquisition of Indianapolis-based T2 Systems Inc. by a California private equity investment firm, the company’s founder is looking back, and ahead. Michael Simmons says, while he doesn’t think "anybody really starts out with the vision of moving into parking technology," it has proven to be a "really great industry that generates a lot of revenue." As for what is next for him, Simmons says angel investing "scratches multiple itches" for me, saying he looks forward to providing advice, counsel and financial contributions to the next generation of tech companies.
T2 Systems announced the acquisition by Thoma Bravo LLC last week. At the time, the companies also announced that Adam Blake, who previously served as chief operating officer, will succeed Simmons as CEO. He was appointed president of T2 in February.
Blake, a Purdue University graduate, believes the acquisition will lead to "across-the-board growth" at T2’s offices in Indianapolis and Canada. He 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." Blake says he sees growth opportunities on the tech side of the business, including software upgrades and additional services to help customers manage operations.
Simmons founded T2 Systems in 1994. He said the concept "just kind of came together" after some customers reached out to him. He had previously worked for a company that had worked in multiple industries, including parking technology. The company has grown to employ around 260 at its offices in Indianapolis and Vancouver. It boasts about 1,000 customers in North America, mostly municipalities and universities. He says the company has become "much more than we could have expected."