EQT to acquire Australian parking technology provider

Global private markets firm EQT have agreed to acquire Australian parking technology provider Orikan.

EQT said the investment backs the Melbourne-based business to accelerate product innovation, artificial intelligence capabilities and international expansion.

The acquisition, through the BPEA EQT Mid-Market Growth Partnership, will see EQT partner with Orikan's management team as the company enters its next phase of growth. Financial terms of the transaction were not disclosed.

Founded in Melbourne, Orikan provides integrated parking, enforcement and compliance technology, combining software, hardware, payments and data services for customers including local governments, universities, airports, hospitals and stadiums across Australia, New Zealand and North America.

The transaction follows nearly four years of ownership by Five V Capital, which acquired the business in 2022 and has since supported its cloud transformation, expansion into New Zealand and the United States, and investment in complementary technology products. The sale remains subject to customary regulatory approvals and is expected to complete by the end of 2026.

EQT co-head of private capital Asia and head of the Mid-Market Growth strategy Nicholas Macksey said Orikan aligned closely with the firm's investment focus.

"Orikan is a business we have followed closely and one that fits well with EQT's Asia mid-market strategy, with a clear opportunity for EQT to support its next stage of growth," Macksey said.

"We see significant potential to help the Company continue investing in innovation, strengthen its customer offering and expand into adjacent markets."

EQT said it plans to support further investment in Orikan's product development, service delivery, customer operations and data and AI capabilities while pursuing opportunities in adjacent customer segments and overseas markets.

Orkan chief executive Peter Neale welcomed the partnership, saying EQT's experience scaling technology businesses would help accelerate the company's long-term strategy.

"We are thrilled to partner with EQT as we enter the next stage of Orikan's growth. EQT shares our long-term vision and brings deep experience in scaling high-growth, technology-enabled businesses," Neale said.

"Together, we will continue investing in our people, platform and service capabilities, while continuing to provide the high level of service our customers rely on every day. It is an exciting day for our people and our customers."

The investment forms part of EQTs expanding Asia mid-market strategy, which has already backed Australian property management software provider PropertyMe and Japanese company MAMEZO. The strategy's inaugural fund closed in 2024 with US$1.6 billion in commitments, more than double its original fundraising target.