Private equity major EQT has agreed to acquire Australian parking technology provider Orikan, expanding its Asia-Pacific mid-market portfolio, according to an announcement.
Financial terms of the transaction were not disclosed. EQT’s announcement also did not identify the seller, but publicly available information shows Orikan is owned by Australian private equity firm Five V Capital.
The Australian Financial Review reported in February that Five V had launched a sale process for Orikan that could value the business at more than A$500 million. DealStreetAsia has reached out to EQT for confirmation.
Five V acquired a 69% stake in Australian parking technology company DCA Cities in late 2022 and partnered with New Zealand’s Global Parking Solutions (GPS) to build an integrated parking technology platform.
The combined business was rebranded as Orikan in 2025 and subsequently expanded through acquisitions in Australia and the United States.
Based in Melbourne, Orikan develops software and provides integrated parking operations, enforcement, and infringement management services through a platform that combines software, hardware, payments, and data capabilities.
The company employs nearly 400 people and serves hundreds of government and private-sector customers, including universities, airports, hospitals, and stadiums, across Australia, New Zealand, and North America.
EQT said the acquisition will be made through its BPEA EQT Mid-Market Growth Partnership, the firm’s Asia-focused mid-market investment vehicle.
The firm said it plans to support Orikan’s next phase of growth through investments in product innovation, artificial intelligence and data capabilities, service delivery, customer experience, and international expansion.
“Orikan is a business we have followed closely and one that fits well with EQT’s Asia mid-market strategy,” Nicholas Macksey, co-head of EQT Private Capital Asia and head of the firm’s Mid-Market Growth strategy, said in a statement.
He added that EQT sees “significant potential” to help the company continue investing in innovation, strengthen its customer offering and expand into adjacent markets by leveraging the firm’s regional presence and sector expertise.
Orikan Chief Executive Peter Neale said the partnership with EQT would support continued investment in the company’s people, technology platform and service capabilities while maintaining service standards for customers.
“EQT shares our long-term vision and brings deep experience in scaling high-growth, technology-enabled businesses,” Neale added.
The transaction adds to the deployment of capital from EQT’s first dedicated Asia mid-market fund, which closed in 2024 with $1.6 billion in commitments, more than double its original $750 million target.
Recent investments from the fund include Australian property management software provider PropertyMe and Japanese technology consulting firm MAMEZO. The acquisition remains subject to customary closing conditions and regulatory approvals.
In April, EQT announced the close of its latest Asia-focused private equity fund at $15.6 billion, marking the largest vehicle dedicated to the region to date.
The fund, BPEA Private Equity Fund IX, was oversubscribed and reached its hard cap, with $14.9 billion in fee-generating assets under management. The vehicle was launched in August 2024 with a target of $12.5 billion and a hard cap of $14.5 billion.
The predecessor fund, BPEA VIII, had raised over $11 billion in 2022.
