Thompson Street Capital Partners Sells Complus Data Innovations to Passport Labs, Inc.; announces Payments-focused spin-off
ST. LOUIS (June 6, 2019) - Thompson Street Capital Partners (TSCP), a private equity firm based in St. Louis, announced today the sale of Complus Data Innovations (Complus) to Passport. Passport is a Charlotte, North Carolina-based leading provider of mobility solutions to nearly 1,000 cities, universities, private operators and authorities across the globe. TSCP was advised through the sale by Lincoln International. Terms of the deal were not disclosed.
Complus, with 33 years of experience in the industry, is focused on providing municipalities with parking enforcement software and payment solutions used to improve parking efficiency and optimize municipal revenue streams. The Company offers its market-defining services to more than 200 municipalities supported by best-in-class customer service.
TSCP announced that as part of the transaction, the assets of The Payment Group (TPG), a Dallas-based provider of court, utility and other municipal payments solutions to more than 600 municipalities, were being spun-out into a new corporate entity which will be led by Ariel Kunar, the current CEO of Complus.
According to Brian Kornmann, TSCP Managing Director, “This transaction is transformative for the municipal parking software and payments space; we tremendously respect the work that the Complus executive team has done in building and growing the business and we look forward to the combined future of Complus and Passport under Passport CEO Bob Youakim. Together, these businesses are uniquely positioned for continued success.”
Kornmann added, “We are also excited about the opportunity to retain our investment in TPG which will maintain its focus on providing leading payment technologies and solutions to its customer base. Under the leadership of Ariel Kunar, we are excited to continue to grow our investment in this space.”