PLANO, TX – April 20, 2022 – App-free parking software and payments innovator TEZ Technology (“TEZ” or the “Company”) today announced it has appointed industry veteran Mike Simmons to Chief Executive Officer, given the Company’s rapid growth trajectory. Mr. Simmons is a proven leader of high-growth companies, having previously founded and scaled parking technology provider T2 Systems as its CEO. Now as CEO of TEZ, Mr. Simmons will be responsible for expanding the Company’s North American operations while also leading its growing international footprint.
TEZ, whose customers include hospitality, retail, restaurants, healthcare, Class-A office, mixed-use, residential, sports and entertainment, university, and municipal clients, is a portfolio company of Tritium Partners, a private equity firm focused on technology and services companies.
Concurrently, the Company announced that founder and former CEO Ken Lovegreen will become Vice Chairman and Chief Innovation Officer. Mr. Lovegreen will work closely with Mr. Simmons and other key stakeholders to set the Company's vision for the future, focusing his time and expertise on key strategic initiatives including the advancement of cutting-edge innovation and product enhancements for the benefit of TEZ clients. Mr. Lovegreen is known for having invented and patented the world-renowned restaurant paging systems as founder and CEO of Long Range Systems.
"TEZ is leading the way in app-free innovation during this transformational time in the parking and mobility industry. We are pleased to combine Mike’s operational expertise and demonstrated leadership capacity with Ken’s unwavering commitment to innovation as a passionate “Idea Guy.” I am very excited to have two proven industry thought leaders and subject matter experts working side by side with the TEZ board as we tackle new opportunities and expansion plans," said Matt Bowman, Managing Partner at Tritium Partners.
Mr. Simmons is a 30-year parking industry technology veteran who joined TEZ in 2021 as its Executive Chairman to work closely with management on strategy, operating plans, and organizational structure. Before that, he served as founder and CEO of T2 Systems, where he helped create multiple parking solutions, including parking management and enforcement platforms. He oversaw the company’s ascension through multiple phases of unprecedented growth and institutional acquisitions over a period of 25 years. Previously, Mr. Simmons served as CEO of Sharpen Technologies, where he helped the company raise $40M in growth capital and grow its operations, fueling a significant increase in enterprise value.
"My continued interest in technological innovation in the parking and mobility industry led me to TEZ, where Ken and a team of innovators had been transforming the industry through modern, app-free, hardware-light solutions since 2011. I believe our app-free approach and functionality make it easy for customers to access and make payments in multiple venues including self-park and valet operations, and I am extremely pleased to be working with Ken and the entire TEZ team as we increase utilization and adoption of the TEZ suite of solutions," said Mr. Simmons.
"With the rapid adoption of contactless payments for consumer transactions in public and private-sector parking and mobility operations, TEZ is perfectly positioned as the app-free innovator. I look forward to continued collaboration with our leadership, research and development teams, and industry partners, as we capitalize on TEZ's core differentiators to fuel our growth," added Mr. Lovegreen.
About TEZ Technology
TEZ empowers owners and operators of parking related real estate to "go mobile" and generate significantly more revenue and efficiencies, automating traditional paper ticket processes, promoting client brand awareness, and greatly enhancing guest experiences. For more information visit https://teztechnology.com/
About Tritium Partners
Founded in 2013, Tritium Partners is a private equity firm focused on technology and services companies with exceptional growth potential. With more than $1.2 billion of assets under management, Tritium actively partners with talented founders and executives to build market-leading companies through high-growth strategies, while maintaining capital efficiency. Tritium’s approach emphasizes creating long-term value through both strategic growth initiatives and acquisitions, with specialized expertise in FinTech and financial services, Internet marketplaces, software data and analytics, supply chain and logistics, and tech-enabled business services. For more information, please visit www.tritiumpartners.com.
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