Nayax (NASDAQ: NYAX) announced on August 25, 2026, that it signed a definitive agreement to acquire IPS Group for $350 million in cash and is expected to close by this December. IPS is a San Diego based smart-parking firm owned by private-equity firm Windjammer Capital. Once completed this will be Nayax’s largest acquisition.
Let us explain.
Nayax, which already operates in more than 120 countries, plans to use the acquisition to take IPS’s platform into new markets, beginning with continental Europe. The combination will expand Nayax’s footprint by adding more than 250,000 parking spaces that IPS Group manages across the U.S., Canada, the United Kingdom, and Ireland. Those locations include on-street spaces as well as college-campus and commercial lots. IPS operates these spaces with smart meters that accept digital payments, supply data and analytics to lot owners, and support enforcement and permitting. IPS management, led by CEO Chad Randall, is expected to stay in San Diego.
Details.
Total enterprise value of $350 million for IPS in an all-cash transaction or 17x 2026E Adjusted EBITDA, excluding synergies. The Adjusted EBITDA multiple is approximately 12x including run-rate synergies of more than $8 million by 2029.
Nayax will fund the purchase with cash on hand plus about $150 million of new debt. Net leverage is projected at 3.8x at close and below 3.0x by the end of 2027. Immediately accretive to Gross margin, Adjusted EBITDA margin, Adjusted Earnings Per Share, and Free Cash Flow conversion; The transaction is not reflected in Nayax’s current 2026 guidance. The company expects 2026 revenue of more than $90 million, of which about 60% is recurring on about 20% organic growth, and $21 million in adjusted EBITDA.
One plus one equals three.
“IPS fits perfectly into our M&A playbook,” Aaron Greenberg, Nayax’s chief strategy officer, said in a statement. “We seek companies in verticals where payments and software work together, using our payment stack and infrastructure to take these businesses global.” Nayax has built its unattended verticals on a single pattern: high-frequency, low-value transactions in which operators receive an end-to-end platform – hardware, software, payments, and loyalty from one provider. Parking is a natural extension. Beyond parking, in June, Nayax announced a partnership with Tellus Power Global Ltd. to supply integrated payments technology for Tellus charging equipment.
Sounds familiar.
Investors may recall we wrote on August 4, 2024 ” Nayax (NASDAQ: NYAX) enables electronic payment transactions at 1.1 million unattended devices in 120 countries around the world. Last year the company processed $4.5 billion in payments volume and generated approximately $260 million in revenue. The two most important reasons for a vending machine or other unattended device company to hire Nayax are a) increasing dollar value per purchase by adding electronic payments acceptance which may encourage 25% more spending per transaction at the low end of the range, and b) data analytics on inventory and device performance. All customers are connected to Nayax’s communication network. The company is an internet-of-things (IoT) enabler by providing its own hardware, software, payment gateway. and tokenized payment transactions, which are routed on its own network to forty banks globally. The company has spent 20 years integrating standard communication protocols for unattended devices, like vending machines. However, many other categories of unattended devices did not utilize recognized communication standards, or have the capability to communicate at all, in which case Nayax wrote its own messaging protocols to fold them into its system. The company has an intuitively good sales pitch: “hire Nayax to increase sales and decrease costs.” To be fair, one market criticism of Nayax’s business model is its inability to write or provide unique end-user applications for specific use cases, however, notwithstanding this constraint, it’s our opinion that Nayax is still the beneficiary of market tailwinds driven by the scaling of automation in a fragmented sector. “
