PARX, OTI's Subsidiary, Introduces EasyPark(TM) to the First Municipality in France
On Track Innovations Ltd, (OTI), today announced that its subsidiary, PARX Ltd., is expanding its parking solution to France, with the addition of Reims, the 12th largest city in France with more than 185,000 residents, as the first municipality to introduce EasyPark(TM) in the country. PARX France will introduce the product under the brand name Piaf 2.
PARX France will manage the new EasyPark(TM) project. EasyPark(TM) is OTI's patented in-vehicle electronic parking meter. The EasyPark(TM) business model is one in which revenues are generated from product sales, transaction fees and customer support. Last year OTI acquired ID Parking, an electronic parking solution provider in approximately 40 municipalities in France. The acquisition enables OTI to leverage the platform to access the French electronic parking payment market and offer multiple solutions for parking payment.
"We are looking forward to the implementation of EasyPark(TM) in the first municipality in France. Our strategy of expanding EasyPark(TM) globally through local channels has been successful in Italy and Bermuda and we continue to work on additional locations," said Oded Bashan, OTI's Chairman and CEO. "The fact that EasyPark(TM) is an easy-to-use, cost effective solution that requires minimum infrastructure investment makes it an attractive parking payment tool for municipalities for on-street parking and parking lots worldwide."
Mr. Bashan continued: "The product's business model that enables OTI to generate revenues from transaction fees and maintenance and support on top of the product sale coincides with OTI's strategy to increase its ongoing recurring revenues."
Using Piaf 2 the driver pays only for the actual parked time. To activate Piaf 2 the driver turns on the contactless unit and places it in the car window. Upon returning, the driver turns the device off. This creates a uniquely convenient user experience by eliminating the need for cash, change, and saving the time looking for parking meters. Piaf 2 can be used for both on-street parking payments and for parking lots. Piaf 2 provides detailed reports to the municipality in order to better manage and monitor parking patterns across town. The parking system is able to support multiple rates, cities, tariffs in a modular, scalable and easy to implement way.
"We are looking forward to the implementation of EasyPark(TM) in the first municipality in France. Our strategy of expanding EasyPark(TM) globally through local channels has been successful in Italy and Bermuda and we continue to work on additional locations," said Oded Bashan, OTI's Chairman and CEO. "The fact that EasyPark(TM) is an easy-to-use, cost effective solution that requires minimum infrastructure investment makes it an attractive parking payment tool for municipalities for on-street parking and parking lots worldwide."
Mr. Bashan continued: "The product's business model that enables OTI to generate revenues from transaction fees and maintenance and support on top of the product sale coincides with OTI's strategy to increase its ongoing recurring revenues."
Using Piaf 2 the driver pays only for the actual parked time. To activate Piaf 2 the driver turns on the contactless unit and places it in the car window. Upon returning, the driver turns the device off. This creates a uniquely convenient user experience by eliminating the need for cash, change, and saving the time looking for parking meters. Piaf 2 can be used for both on-street parking payments and for parking lots. Piaf 2 provides detailed reports to the municipality in order to better manage and monitor parking patterns across town. The parking system is able to support multiple rates, cities, tariffs in a modular, scalable and easy to implement way.
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