Parkeon new name signals new strategic ambitions for the Company formerly known as Schlumberger e-City

UK Headquarters, 10 December 2003 Further to its acquisition by the private equity group, Apax Partners, the former parking solutions division of Schlumberger, e-City, will now operate as a stand-alone company with a new identity: Parkeon.
parkeon.gif“The name change is just the visible part, we have far-reaching goals,” says Parkeon’s Bob Barnes, Operations Director, N.Europe and Vice President, N.America. The Company’s strategic ambitions occur in a favourable business environment in two major markets. “Europe will experience substantial growth in the off-street segment with connectivity and real-time information services, whilst the US on-street market is about to grow dramatically as Pay & Display systems gain acceptance.”

To achieve its goals, Parkeon will maintain its R&E efforts which accounted for approximately 8% of a 2002 turnover of €125 million. The Company is at the cutting edge of on- and off-street parking systems convergence and tariff structure modelling. Its offering includes connectivity and maintenance services, real-time data management services, ticketing systems for multi-modal mass transit and parking operators, and e-payment solutions. These enable urban communities and transport companies to streamline parking revenue management, collect revenues and fines more effectively and manage them centrally.

Parkeon retains the same operational footprint as Schlumberger e-City, including all of the management team. However, its new independence means the Company is now a more nimble organisation which will be closer to the customer and dedicated to finding solutions that best answer client needs.

The aim is to expand from being the on-street parking leader to the global parking leader. Parkeon will use its technological strength and market leadership in the on-street segment as a foundation to drive the industry. It is already developing new-generation parking solutions that can be integrated into mobility management schemes.

This strategy is based on the concept that the parking industry needs proven, reliable, standardised products that can be adapted and tailored, cost-effectively, to customer needs. “The technologies and innovations we develop are key enablers of better urban mobility. We have the means to answer all urban parking issues with creative solutions that address new client needs,” adds Bob Barnes.

The Company is also developing its Automated Fare Collection systems and e-payment activities and aims to become the preferred partner of leading systems integrators involved in AFC projects.

In addition, Parkeon will receive strategic guidance and financial support from Apax Partners to identify and leverage growth opportunities, especially in the US market. “Our new owner provides the capability and market insight to turn Parkeon into a global leader,” explains CEO, Yves Chambeau.

The new name, easy to remember and understand in every market, is a combination of ‘park’ (on- and off-street parking terminals being at the core of the new Company’s new business plan) and ‘eon’ (to denote creative energy, strength, continuity and to reflect the Company’s long and innovative history).

Parkeon’s corporate strategy is embodied in its new strap-line, “Create Harmony for Your City”. “Establishing a state of harmony in city life is the ultimate and most desirable goal that should be shared by all”, explains Mr. Chambeau.

About Parkeon

Parkeon was formerly Schlumberger e-City, the Parking and Ticketing Systems division of Schlumberger. The Company was at the forefront of the development of Pay & Display terminals in the 1970s and has 30 years of proven innovation and expertise in the parking business. Today, Parkeon is a leader in parking systems and equipment. The Company employs over 850 people worldwide and generated revenues of €125 million in 2002. Its parking terminals are a familiar sight in 3,000 cities across 40 countries and its Pay & Display systems control over 2.6 million parking spaces around the world. Over the last 15 years, Parkeon has developed an installed base of 2,700 ticket vending machines for heavy and light rail, underground and multimodal transport operators in Europe and the US. Thanks to world-class engineers and substantial investments over the last three years, Parkeon has built undeniable technological leadership in its field. Parkeon provides complete parking and fare collection solutions, equipment and services to municipalities, car park and mass transit operators.

(website: www.parkeon.com)

Electronic images available

Local PR agency Press Contact Terry Walsby Terry Walsby Media Relations

Tel: 01628 639378
Mobile: 07860 882192
Fax: 01628 777605

Parkeon Press Contact
Thierry Derrien
Fleishman-Hillard Paris
Tel: +33 1 53 05 50 65
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