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Infra Park Acquires Technology and Assets from Estonian NOW! Innovations

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Tark Grunte Sutkiene and Glimstedt have advised NOW! Innovations OU, a parking management and payment software provider in Estonia, on the sale of its software platform to Infra Park, an "individual mobility solutions" provider. Wragge Lawrence Graham & Co advised Infra Park.

Infra Park has acquired the technology, brand, and customer contracts of NOW! Innovations, as well as its subsidiary MobileNOW!, a leading mobile payment provider for drivers in the United States.

NOW! Innovations is a start-up company in the field of SaaS solutions for parking and mobility services. NOW! Innovations was backed by Smartcap (an investment arm of the Estonian Development Fund (EDF)), Artiston Invest, Caplia, and other local business angels. It has developed a cloud-based software platform to manage billing and payment for parking and other mobility services. Now! Innovations’ technology supports close to 50 million transactions a year throughout Europe and North America. 

Infra Park will continue to offer NOW! Innovations’ SaaS platform to municipalities, parking operators, and mobility service providers worldwide. 

Ullar Jaaksoo, CEO of NOW! Innovations, declared: “NOW! Innovations’ team is proud to join Infra Park, a strong global group that will enable us to further deploy our technology worldwide, both to Infra Park Group companies and to new clients. Our technology will continue to be enhanced by our world-class software development team, which will remain based out of Tallinn, Estonia, and our business development team resumes operations in our Amsterdam office.”

Pirko Konsa, Managing Director of EDF, said: “With the transaction yet another global corporation has settled their R&D center in Estonia. It is exactly why EDF was created nine years ago, for fostering the evolvement of smart jobs and promoting innovation in Estonia, to help the country to become a foothold of the knowledge-based economy”.

Tark Grunte Sutkiene and Glimstedt acted as legal advisers to the sellers. The Tark Grunte Sutkiene team was led by Partners Risto Vahimets and Rolan Jankelevitsh, supported by Associate Kristina Promet. 

The Glimstedt team consisted of Partner Priit Latt and lawyers Ulla Helm, Triin Siil, and Triin Raudsepp.

Image Source: nowinnovations.com