Lightyear Capital, a New York-based private equity firm with over US$7 billion in assets under management, has signed an agreement to acquire PayByPhone, a global leader in mobile parking payments, fr...
Autore: Business Wire
VANCOUVER, British Columbia & NEW YORK: Lightyear Capital, a New York-based private equity firm with over US$7 billion in assets under management, has signed an agreement to acquire PayByPhone, a global leader in mobile parking payments, from Corpay (NYSE: CPAY).
For over 25 years Lightyear has partnered with growing companies at the nexus of financial services and technology, healthcare, and business services, working closely with management and leveraging its industry expertise, network of advisors and operating resources to accelerate growth and build market-leading businesses.
PayByPhone is a leading provider of digital parking payments and mission critical parking management software to more than 1,300 clients globally. Lightyear’s investment in PayByPhone will drive continued product innovation to better serve the needs of its growing customer base. Under Lightyear’s ownership, PayByPhone will operate as a stand-alone independent business.
Mark Vassallo, Managing Partner, Lightyear Capital, says, “PayByPhone marks Lightyear’s 18th carveout transaction and eighth investment in vertical software and payments. Our strategy is to partner with strong management teams of growing, attractive companies to enable them to broaden their markets, strengthen their operations, enhance their teams, and create enduring enterprise value. We are genuinely excited about our acquisition of PayByPhone given its reputation as one of the leading global providers of digital parking payments and mission-critical parking management software for municipalities, parking operators and businesses in each core geography it serves. Lightyear believes we are well-positioned to be a value-add partner to PayByPhone.”
Jonny Combe, President and Chief Executive Officer, PayByPhone, says, “This is an exceptionally exciting opportunity for PayByPhone. Lightyear has extensive experience in fintech and payments, which will provide continuity post the transition from Corpay, aligning perfectly with our long-term strategy to evolve beyond parking into wider mobility payments. We look forward to the next chapter under new ownership and continuing to make investments that are right for our clients not only today but also for the future.”
Michal Petrzela, Partner, Lightyear, added, “Jonny and the PayByPhone management team have built a strong business in a market that has significant greenfield opportunities. We believe the Company is poised for continued growth given its strong established user base, high customer retention rates and product-led technology. We are excited to leverage our extensive expertise in software and payments to accelerate PayByPhone’s growth, both organically and inorganically, while continuing to deliver value to its clients.”
The sale is expected to close in the second quarter of 2026, subject to regulatory approvals.
Combe adds, “During this sign-to-close period, all our clients can rest assured it will be business as usual.”
To learn more about PayByPhone, visit www.paybyphone.com. Follow PayByPhone on Facebook, Instagram and LinkedIn.
To learn more about Lightyear, visit www.lycap.com.
ABOUT PAYBYPHONE
PayByPhone is a global leader in mobile parking payments. We simplify the journeys for millions of people through our smart, intuitive mobile payment technology and exciting features. We work with over 1,300 cities and operators across the UK, North America, France, Germany, and Switzerland. More than 110 million drivers worldwide have downloaded the PayByPhone app to simplify their parking and vehicle payments to date.
To discover how our products and services can elevate your driving experience, please visit www.paybyphone.com
PayByPhone. We simplify your journey, so you can focus on what matters most.
ABOUT LIGHTYEAR CAPITAL
Lightyear Capital is a New York-based private equity firm that partners with growing companies at the nexus of financial services and technology, health care and business services. For over 25 years, Lightyear has worked closely with management and leveraged its industry expertise, network of advisors and operating resources to accelerate growth and build market-leading businesses. As of December 31, 2024, the firm had assets under management of US$7.2 billion. For more information, please visit www.lycap.com/.
Fonte: Business Wire