Vancouver-based mobile parking payments platform PayByPhone will be acquired by New York private equity firm Lightyear Capital, marking its second ownership change in three years and positioning it for growth in the mobility payment sector.

Target Information

PayByPhone, a Vancouver-based mobile parking payments platform, has reached an agreement to be acquired by the New York-based private equity firm, Lightyear Capital. This transaction marks the second ownership change for PayByPhone in under three years, following its previous acquisition by Corpay Inc. The new ownership structure aims to position PayByPhone for its next phase of development as an independent platform.

Under the leadership of President and CEO Jonny Combe, PayByPhone is focused on executing its long-term strategy, which entails expanding its services beyond parking to encompass broader mobility payment solutions. While maintaining its core offerings, the company is poised to leverage this acquisition to explore new business avenues.

Industry Overview

The mobile parking payment sector has experienced substantial growth in recent years, driven by increased urbanization and the demand for convenient parking solutions. In countries like Ca