TIBA Parking Systems has announced a significant milestone in its growth. The company has been gaining increasing market awareness and traction, and has had excellent year-over-year growth for multiple years.
In recognition of this growth and of the company’s potential, TIBA has signed a memorandum of understanding with Tene Investment Funds, a $500-million private equity fund, whereby Tene will invest in the company effective Sept. 8, 2015.
“TIBA is a growing company, with advanced technology and product line. In recent years, [it has] succeeded in breaking through international markets, demonstrating business initiative and creativity,” Tene executives noted in a statement. “We will work together toward continued growth and prosperity, making TIBA a global market leader.”
The company said that this investment will be used to accelerate its growth via research to support development of new products, the enhancement of existing products and services, and the addition of personnel.
“This strategic business step accelerates TIBA’s tremendous potential that was built with our existing partners,” CEO Erez Ezra said. “TIBA is a leading global player in the international marketplace, and will play a major role in shaping the industry in the years to come. Tene’s investment, coupled with an extraordinary staff, will propel TIBA forward toward an even brighter future.”
“We are excited about the opportunities that have opened up to us due to the new relationship with Tene,” said TIBA CEO-Americas Michael H. Bigbee. “This new funding is in support of our strategic plan and allows us to achieve our goals in a much shorter period of time.”
Its long-term strategy, TIBA said, includes exploring acquisition of companies or businesses to facilitate its growth, to enhance its global market position and to broaden its product offerings. Such acquisitions, it added, might help the company expand into adjacent markets, add complementary products and services, or allow it to further leverage its distribution channels.
[Source: TIBA Parking Systems]
