It’s official: GB & Partners Investment Management and its portfolio company, Asura Technologies, will own the majority share in PRRS. Today announced the sale of the company’s majority stock to GB & Partners Investment Management. Parking Revenue Recovery Services, Inc., a leader in parking enforcement and revenue collections services in the US. With this injection of new capital, PRRS is set to accelerate momentum under the new ownership and further advance its mission within the parking industry.
The acquisition strengthens the strategic partnership of PRRS’s 20 years of unique parking enforcement and collections expertise, with Asura’s video analytic systems and AI-based license plate recognition software. PRRS and Asura previously brought ARC System to the market— a parking enforcement automation using video analytics technology to register parking vehicles and automatically match parking payment data. The ARC system omits the need for gates or barriers to obstruct traffic flow in and out of parking lots. ARC360, a product expansion option, is a collection of services that cover the full spectrum of parking enforcement, citation management, and collection services.
ARC is already active in ten states in the United States on dozens of parking sites, delivering exceptional results. In order to meet the extreme growth in demand the transaction with GB & Partners includes a deal to provide funding for new ARC and ARC360 installations in hundreds of parking operations across North America, making PRRS with ARC the critical player in parking revenue collection and enforcement.
Asura Technologies is the new generation LPR and video analytics company creating easy to integrate, camera agnostic data collection systems. Our LPR- and video analytics-based vehicle recognition technology is used for parking- and traffic management applications as well as general security and surveillance.
The company’s vehicle recognition solution handles all aspects of the integration through the application package: connecting to visual data collection devices, OCR/video analytics, and data management.
Asura Technologies made its debut with the Asura Recognition Unit (ARU) Plug and Play LPR in 2017 delivering an easy-to-integrate, flexible solution. ARU earned a quick recognition of the traffic management industry exemplified by integration with major parking management systems and earned a Special Mention at the 2018 Intertraffic Innovation Awards.