Tene Investment Funds Invests in TIBA LLC
Tel-Aviv, 29 October 2015 - Tene Investment Funds acquired a 40% stake in TIBA LLC, a leading global provider of automated parking systems and software. The remaining 60% of the Company is owned equally by AFCON Holdings, and TIBA's founder Isaac Tavori. Tene's investment in TIBA includes a significant capital infusion to help fund its worldwide growth and expansion.
Founded in 1986, the Company initially entered the automated parking business in 2009, selling automated parking equipment and access control systems exclusively in Israel, its local market. Today, TIBA is the clear leader in Israel and has a U.S. network of 29 dealers nation-wide, offering customers a full range of automated parking system equipment and software for off-street parking operators.
TIBA's products include a complete range of hardware and software for parking owners and operators who are seeking automated access and revenue control solutions for single or multiple off-street parking lots. The Company's products include entry-and-exit terminals, pay stations, card readers, validation systems, and a comprehensive management software solution. TIBA caters to customers from diverse industries such as airports, universities, shopping centers, municipalities, medical centers, high security facilities and more.
Tene believes that TIBA is set to experience significant growth in the United States on the heels of its success in 2014 and 2015. Eyal Attia, Managing Partner at Tene Funds stated: "We are very excited to be a part of TIBA's future as it embraces the significant technological and operational growth opportunities we see in the market. Furthermore, we believe TIBA's ability to differentiate itself based on long product life, minimal maintenance & service, and attractive price point will continue to resonate with customers who have long been incumbents of competitors."
Tene Investment Funds is an Israeli private equity fund focused on investment in Israeli industrial companies. Tene invests in established, export and growth oriented companies with leading global market positions.