Parking BOXX Announces Letter of Intent to Acquire Modern Parking Divison
Nov. 17, 2011 — Parking BOXX (BOXX), developers of advanced real-time remote monitoring, synchronization, Machine-to-Machine Software-as-a-Service (M2M SaaS) and management software announced today that it has entered into a letter of intent with Modern Access Systems. This letter confirms the intent of BOXX to acquire the assets of the Parking division (Modern Parking). BOXX merges their expertise in software development and embedded technologies with the Parking Access Revenue Control Systems (PARCS) industry expertise of this manufacturing leader, whose history in the industry dates back to 1963. Modern Parking brings 75 years of relevant industry experience to the BOXX team. The closing of this transaction remains subject to customary terms and conditions, including the completion of due diligence. This transaction is expected to be completed during the first quarter of 2012.
Modern Parking systems, installed throughout Canada and the US, are proven in the harsh Canadian winters – through this acquisition, BOXX intends to build upon this reliability and durability by enhancing functionality and offering price points that appeal to a global market.
About Modern Access Systems
Developing better solutions and quality products, Modern Access Systems continues to improve transportation intelligence, access control and monitoring, parking technology, self-storage management, and time and attendance monitoring hardware and software, bringing more effective integrated technologies and granting companies access to peace of mind. For more information visit www.masiglobal.com .
About Parking BOXX
The Parking BOXX (BOXX) team has over 15 years of experience in developing industry leading software systems. BOXX brings visibility and control to a new level by offering a secure Machine to Machine Software-as-a-Service (M2M SaaS) solution that performs real-time aggregation of data from business applications, sensors and components into a single view. The BOXX cloud platform turns that data into a highly visual information display accessible from laptops, smartphones and tablets, regardless of platform, and can be shared with others in real-time. Solutions from BOXX play a key role in the secure management of these assets and services, particularly for the purpose of evaluating data to enhance business decisions and revenue generation.
The BOXX platform meets the needs of government agencies, private parking and security companies, hospitals, airports, universities and schools, complex commercial and business centers, hotels, tourist destinations, theme and amusement parks, trade shows and expos, and stadiums worldwide. For more information, please visit www.parkingboxx.com or email pr@parkingboxx.com.
