Carlsbad, Calif.-based Reliant Parking Solutions LLC plans to provide its services in all 50 U.S. states, integrate its software with other property services platforms and innovate with additional features, founder Kevin Wexler, 56, told The Deal.

Founded in 2013, the company provides parking permit management services to residential property managers in 42 states. Reliant Parking’s online website or mobile app allows residents to add vehicle information, order or renew parking permits, register guest permits, report violations and access customer support round the clock. Property managers, meanwhile, have a centralized database of all authorized parking permits that they can share with their enforcement teams through a separate app.

“Parking was one of the big areas of concern for homeowner associations, and there wasn’t a great tool for parking management to be done what I call ‘best and easiest,'” Wexler said.

Reliant Parking is working on adding features to help property managers introduce dynamic pricing and figure out how much an individual parking space is worth based on factors such as location, parking availability, length of lease and comps with neighboring buildings.

The tool will also allow property managers to see if they can make unused spaces available to an office building next door or to other residents with more vehicles to further monetize the lots.

“Our tool is going to allow them to start thinking, ‘is that space worth $50 a month, $100 a month, $200 a month, and if we’re gonna start charging for those spaces, and really dynamically charge, what rule or system is out there that’s going to allow us to do that?'” Wexler said.

Reliant, meanwhile, has been working to integrate its software with property management services providers for easier resident use.

For instance, it integrates with a property’s access and security vendors and uses their camera systems to read license plates and cross-check with Reliant’s database of the property’s registered resident and guest vehicles for enforcement.

Other plans are still in the exploratory stage for Reliant. The company, for the time being, is primarily focused on residential properties, where it’s experiencing fast growth. It eventually plans to consider services for commercial properties as well.

Wexler is also looking into other related property services that the company can provide in the long-term without losing its focus on parking. He cited auto insurance, renters insurance, car washes, tires and oil changes as some of the ancillary services that a company like Reliant could provide.

While Wexler declined to share specifics, acquisitions are on the table for Reliant.

“Depending on our growth strategy, we definitely are in the space to acquire [other companies],” Wexler said.

Wexler, who previously owned security services provider Summit Security for 19 years, is no stranger to M&A.

While at Summit, he acquired a smaller security company whose parking management software sparked his interest in building a similar, scaled platform with Reliant.

He eventually sold Summit to Universal Protection Service LLC, now part of Allied Universal Security Services LLC, in 2013.

Wexler reinvested the money from the sale into developing some unlaunched software from his Summit days. He also had a patrol company that he built on the side over the years, which he started using as a testing ground for his software.

The patrol company, Parking Squad, remains independent from Reliant and operates locally in San Diego County, Orange County, Riverside County and the Bay Area in California.

Investors interested in acquiring the company contact Reliant multiple times a week. Wexler, however, isn’t interested in a sale at this time.

The buyers approaching the company aren’t willing to pay the right price, according to Wexler. Reliant has been growing well over 20% annually and is no discount seller, so any such conversation around an acquisition would be a waste of time for the company.

“One day there might be a buyer that says ‘We understand the space and we have a great vision for it, and we’re willing to pay the proper price,'” Wexler said. “In the meantime, we’ll just keep doing what we’re doing, and we’ll keep growing.”

Private equity is increasingly backing parking management operators and software companies.

Austin, Texas-based cloud parking technology company FlashParking Inc. raised $60 million from L Catterton Management Ltd. in 2020 and $250 million at a $1 billion-plus valuation from Vista Equity Partners LLC in 2022.

Parking software and payments solutions provider ParkHub Inc. nabbed a growth investment from LLR Partners Inc. in 2022. LLR reinvested in the company in March alongside new investor FTV Capital to support the platform’s acquisition of London-based parking reservations app JustPark.

Editor’s note: The original version of this article was published July 24, 2024, on The Deal’s premium subscription website. For access, log in to TheDeal.com or use the form below to request a free trial.