Nayax has agreed to acquire IPS Group from Windjammer Capital Investors for USD 350 million.
The transaction, structured as an all-cash, cash-free debt-free deal, values IPS at USD 350 million and is expected to close in the fourth quarter of 2026, subject to regulatory approval and customary closing conditions.
IPS Group develops connected parking solutions used by municipalities, universities, and private operators, spanning meters, mobile and text-based payments, enforcement and permitting software, vehicle detection, and curb data analytics. Nayax operates a payments and commerce platform across more than 120 countries, primarily serving unattended retail environments such as vending, laundry, and micro-markets.
Under the agreement, Nayax intends to integrate IPS's parking hardware and software with its own payments infrastructure and distribution network. The company has stated that this follows an acquisition approach it has applied in other verticals: acquiring an established provider in a specific sector and integrating it with its payments stack. In addition, Nayax expects the deal to support IPS's expansion into new markets, beginning with continental Europe, while giving its existing customer base access to a parking and curb management offering.
Financial terms and expected synergies
The USD 350 million consideration represents approximately 17 times IPS's estimated 2026 adjusted EBITDA before synergies, or around 12 times when accounting for anticipated run-rate synergies exceeding USD 8 million by 2029. These synergies are expected to come from migrating IPS's payment volume onto Nayax's proprietary processing infrastructure, expanding into international markets, and cross-selling EV charging capabilities.
IPS's estimated revenue for the 2026 financial year exceeds USD 90 million, with more than 60% classified as recurring revenue and organic growth of approximately 20% compared with 2025. The company's adjusted EBITDA is estimated at around USD 21 million, with free cash flow conversion of approximately 80%.
Nayax plans to fund the acquisition through cash on hand and approximately USD 150 million in new committed debt. Net leverage is expected to reach approximately 3.8 times at closing, with a target of reducing this below 3.0 times by the end of 2027. At the same time, the company has said the transaction is not included in its current 2026 financial guidance but is expected to be accretive to gross margin, adjusted EBITDA margin, adjusted earnings per share, and free cash flow conversion.
The acquisition adds a payments-enabled vertical to Nayax's portfolio at a time when municipalities and private operators continue to digitise parking and curb management infrastructure, an area increasingly linked to adjacent services such as EV charging.
