Swedish private equity firm EQT Corp (EQT.US) has reached an agreement to acquire Australian smart parking technology company Orikan, stating the move will help the target company increase innovation investment, solidify its business foundation, and expand into adjacent markets.
EQT Corp issued a statement on Monday indicating this investment is part of its Mid-Market Growth (MMG) fund strategy, managed by its Private Capital Asia team and focused on the Asia-Pacific mid-market. This fund has recently also invested in companies such as PropertyMe and Japan's Mamezo. Financial terms were not disclosed.
Nicholas Macksey, Co-Head of Private Capital Asia at EQT Corp, stated in the declaration: "Orikan is a company we have followed for a long time and is a highly suitable fit for EQT's mid-market investment strategy in Asia. We are optimistic about its growth potential and will support the company in achieving greater development."
The transaction remains subject to customary closing conditions and regulatory approvals. According to an earlier report by The Australian Financial Review citing informed sources, EQT Corp will acquire Orikan from Five V Capital Pty for approximately A$475 million (equivalent to $330 million).
Multiple fund limited partners revealed this deal would deliver Five V Capital a return of at least three times its invested capital. Deutsche Bank and law firm Gilbert + Tobin acted as transaction advisors to Five V, while EQT Corp's legal advisor was Herbert Smith Freehills.
It is worth noting that Five V acquired a 69% stake in Australian parking technology company DCA Cities at the end of 2022, subsequently integrating it with New Zealand's Global Parking Solutions (GPS) to create a unified parking technology platform. The merged entity was officially renamed Orikan in 2025. This process of completing value creation from integration to a premium exit within a few years serves as a classic case study for mid-market buyout funds.
Headquartered in Melbourne, Orikan provides software, hardware, payment, and data services to parking management operators. Its clients span government and private sectors in Australia, New Zealand, and North America, including universities, airports, hospitals, and sports venues.
Orikan's product portfolio covers the entire parking management value chain, including on-site enforcement applications (PinForce), license plate recognition systems (LPRx), space sensors (Sentinel), infringement lifecycle management tools (IMaaS), as well as parking payment terminals, booking systems, subscription parking systems, and mobile payment applications.
The company has been expanding continuously in recent years, having acquired UbiPark, a Melbourne-headquartered parking technology company with operations in the United States, to accelerate its expansion into the UK and US markets.
Jacob Van der Wiel, Managing Director of Private Capital Asia at EQT Corp, noted: "Orikan combines industry-leading proprietary technology with comprehensive operational support services. This unique combination creates a highly differentiated advantage and has earned the long-term trust of its clients."
In separate news, Sydney-based asset manager Perpetual Ltd. last week rejected an acquisition proposal from Windflower Pte, which is indirectly controlled by EQT Corp.