RingGo, Inc., a leader in pay-by-phone parking in the UK, has acquired the assets of Rockville Maryland based iControl Mobile Payment Solutions for an undisclosed amount of cash. iControl Mobile entered the pay for phone parking market in early 2010 and gained a foothold through its strength in marketing, branding and the technology expertise of its parent company, iControl Systems USA.
Phone parking is a software-based solution to on-street, off-street, garaged and a variety of other paid parking scenarios. Phone parking allows customers to pay for parking with the use of only a cell phone and credit or debit card. It eliminates the need for walking to pay stations, counting coins for meters and returning to the street to renew time. It is an entirely green technology, and can be implemented by parking operators with virtually no capital investment, no new equipment, and no installation of any infrastructure.
RingGo, Inc. is backed in large part by Cobalt Telephone Technologies ltd, provider of RingGo cashless payment solutions for parking. The acquisition of iControl Mobile puts Cobalt in a position to introduce RingGo pay by phone technology to the United States market. RingGo has 73% of the pay-by-phone parking market in the UK, with approximately 2 million registered users.
RingGo, Inc. will trade under the iControl Mobile name briefly, and will transition to the RingGo, Inc. brand within the coming months. iControl Mobile’s executive management will remain unchanged.
iControl Mobile Managing Director, Amie Devero, says, “This is a terrific development for both iControl Mobile and Cobalt. We are incredibly proud to bring RingGo to the US market, and delighted to offer such a wide range of benefits to our customers.”
iControl Mobile’s product offerings will be strengthened by the addition of Cobalt’s catalog of additional parking technologies.
iControl Mobile Payments Technologies, LLC was formed in 2009 by iControl Systems. iControl Systems is a privately held scan-based trading company providing services to most major retailers in the US, including Barnes and Noble, Kroger and CVS. According to its most recent data, iControl Systems is expected to exceed $200m in gross revenue in 2010. Information about iControl Systems can be found at www.iControlUSA.com.
Cobalt Telephone Technologies, ltd. is a UK-based telephone payment transaction company, providing multiple services to the transit sector, including RingGo pay by phone for parking. RingGo service is available in over 3000 unique parking locations in England, Scotland and Wales, in support of 53 municipalities and 14 rail operators. For more information on Cobalt, please visit www.ctt.co.uk.