A Burnaby technology company that makes pay stations and software for parking lots has been acquired by United States-based T2 Systems.
The acquisition was finalized January 30. Outgoing Digital Payment Technologies CEO John Fraissinet would not disclose details, but confirmed the acquisition was worth close to $30 million.
Fraissinet – a former vice-president of sales and marketing at Crystal Decisions, which was eventually acquired by Germany’s SAP AG – said he will be retiring, but that the Burnaby company will keep both its name and its 110 staff.
“From an employee perspective, if anything we expect the hiring to increase a bit,” Fraissinet said.
Founded in 1997, DPT developed software and hardware for pay parking. Impark is one of its largest customers. The company has a manufacturing facility in Burnaby. One of its technologies is licence plate scanning for automated payments in parking lots. About 11,000 of its pay stations are installed across North America.
Fraissinet said he tried to retire a few years ago after leaving Crystal Decisions, sat on a number of boards and then was asked two and a half years ago to help do a turnaround at DPT. He now plans to retire again but will stay active in the local startup community.
“I’ll probably get involved with some startups in town,” he said. “One of the things that’s exciting for me, and it’s great for the tech community, is that I’m seeing a lot of former Crystal-SAP employees starting small software companies.”
