Nayax Completes Acquisition of IPS Group
Nayax completed its $350 million all-cash acquisition of IPS Group, a smart parking and curb payments provider, from Windjammer Capital Investors. IPS brings an installed base of more than 250,000 parking spaces across the US, Canada, the UK, and Ireland, with expected FY2026 revenue above $90 million, roughly 60% recurring, and ~20% organic growth. The deal was funded with cash on hand and ~$150 million of new debt from Poalim Tech and First International Bank of Israel, at roughly 17x 2026E Adjusted EBITDA (~12x with synergies exceeding $8 million).
Key figures
- Guidance
- IPS to contribute $20-22M revenue and >$5M Adjusted EBITDA to Nayax FY2026; IPS FY2026 revenue >$90M, Adjusted EBITDA ~$21M
- Deal Value Usd
- 350000000
- Tam expansion
- approximately $85 billion, to approximately $342 billion by 2029
- Fcf conversion
- approximately 80%
- Enterprise value
- $350 million
- Ips organic growth
- approximately 20% over FY 2025
- New debt financing
- approximately $150 million
- Run rate synergies
- more than $8 million
- Ips recurring revenue
- more than 60%
- Parking spaces installed
- more than 250,000
- Ebitda multiple ex synergies
- approximately 17x 2026E Adjusted EBITDA
- Ebitda multiple with synergies
- approximately 12x
AI analysis
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