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Thoma Bravo LLC has agreed to purchase T2 Systems Inc., a space and event parking management company, from Charlotte-based private equity firm Pamlico Capital for an undisclosed amount. The deal is the fourth investment from the buyer’s $1 billion Discover Fund that closed in early 2016.

Indianapolis, Minnesota-based T2 develops the Unifi Parking Management system for more than 1,100 customers, universities and municipalities including: the City of Boulder, Colorado; George Mason University; and the University of British Columbia. T2’s software helps increase parking efficiency and improve parking management. The target provides multi-space pay stations, permit management and enforcement, citation services, vehicle counting, and event parking.

 As part of the deal, T2 founder Mike Simmons will step down from his role as CEO. Thoma Bravo partner A.J. Rohde plans to support the existing T2 team by “doubling-down on key product and customer investment through organic and inorganic initiatives.”

San Francisco-based Thoma Bravo has made more than 140 acquisitions in the software and technology space since 2003, and continues to bet big on software services, as big companies are looking to migrate to the cloud and tech deals have grown steadily attractive. Thoma Bravo recently closed a new tech fund at nearly $7.6 billion to focus on new industry opportunities. The firm recently acquired secure access software provider Bomgar; purchased Elemica, a software maker for supply chain operating networks; and completed its acquisition of Qlik Technologies Inc. Thoma Bravo won Mergers & Acquisitions’ 2014 M&A Mid-Market Award for Deal of the Year.

Goodwin Procter LLP is serving as legal counsel to Thoma Bravo. The Carlyle Group, in conjunction with Madison Capital Funding, are providing debt financing for this deal.

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