FAST 25: T2 Systems Inc.

  • Comments
  • Print
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
This audio file is brought to you by
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00
fast25-t2-15col.jpg

 3-year growth: 147 percent
2014 revenue: $60.3 million

Branching out:

Michael Simmons thinks parking should be convenient, but not free. As co-founder and CEO of T2 Systems, he said, his mission is “to help institutions that manage parking manage parking more effectively.” Through a combination of new customers, services and acquisitions, the company has grown to having a presence at 65 percent of the top 150 universities and in nearly all 50 states and Canada, he said.

Twenty-one years later:

When it began, T2 worked exclusively at universities, where it provided systems to sell parking permits and pay tickets. About eight years ago, the company added garage systems—gate arms, and access and revenue controls. “That’s the fastest-growing segment of our business on a percentage basis,” Simmons said. T2 also expanded to do business with hospitals, airports, cities and private business campuses. Its nearly 1,000 customers include universities, as well as the cities of Boulder, Colorado; Houston; and Bloomington.

Acquisitions:

In early 2014, T2 bought a pay-station company in Vancouver called Digital Payment Technologies, which gave it a presence in on-street meters and pay stations. Last fall, it purchased Orange County, California-based Case Parking, whose services include a counting mechanism that triggers a smartphone app that notifies people where parking spaces are available.

Beating the competition:

T2’s competitors include Xerox—“the 800-pound gorilla in our world,” Simmons said—as well as a couple of other companies similar in size to T2. And typically, “we’re not the cheap guys on the block. So when there’s a bid situation—just low cost—those are very difficult for us to win.” T2 does best, he said, when the projects begin with requests for proposals.

What’s next:

Simmons said T2 still has markets available to conquer. He’d like to continue to achieve 15-percent organic growth and acquire companies that fit the T2 portfolio “so our customers can have a one-stop shop.”•

Check out more of IBJ’s ranking of Indy’s fastest-growing companies.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news. ONLY $1/week Subscribe Now

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Get the best of Indiana business news.

Limited-time introductory offer for new subscribers

ONLY $1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In