Cheshire, CT – September 18, 2024 – Twenty years ago in Australia, Daniel Cohen and Richard Joffe left the high-pressure world of investment banking and management consulting to solve a universal frustration: finding an empty parking spot. This leap of faith led to the founding of Park Assist in the summer of 2004, a company that has since revolutionized the parking industry with innovative technology and a steadfast vision for the future of parking.

“We set out to solve a simple yet universal problem, and today, Park Assist stands as a testament to innovation and dedication. The journey from a small startup to a global leader in parking technology has been nothing short of remarkable,” said Daniel Cohen, current Managing Director and Co-Founder, Flare.

A Vision Takes Shape

The idea for Park Assist was born out of a common struggle. One day, as Daniel Cohen circled a crowded car park in Sydney, the frustration of hunting for a parking spot sparked an idea. He realized that technology could transform this everyday annoyance into a streamlined experience. Alongside his business partner, Richard Joffe, Cohen began to develop a system using sensors to detect empty parking spots and guide drivers to them with strategically located signs and signals.

With passion and determination, Cohan and Joffe left their lucrative jobs and set to work finding investors for their vision. Thanks to their extensive network and business connections, they raised the necessary funds to bring Park Assist to life and established offices in Sydney and the UK.

Breakthroughs and Growth

By mid-2005, Park Assist had developed a market-ready technology with no direct competitors. Their big break came when they secured a contract with multinational shopping center developer Westfield, installing their system in the Chatswood shopping center in Sydney. This success was followed by deals with the Queen Victoria Building car park and Tesco supermarkets in the UK. These contracts propelled Park Assist into profitability by the 2006-07 financial year.

But Cohen and Joffe’s strategic vision for the company didn’t stop there. They aimed for global expansion, particularly in Europe and the US. The global presence of clients like Westfield, Tesco, and QVB owner Ipoh facilitated this international growth. By 2013, Park Assist had become a global IoT business operating in 15 countries, leading to its acquisition by TKH Security.

A Vision for the Future

Park Assist’s journey over the past two decades has been marked by innovation, perseverance, and a dedication to simplifying the challenges of daily life. Commitment to these ideals drives the company to continually explore the latest technologies for their systems, helping parking facility operators to streamline their operations, enhance revenue, and ultimately improve the parking experience.

Their commitment to sustainability and smart city initiatives also drives their future endeavors. By integrating their technology into urban infrastructure, the Park Assist Solution aims to reduce traffic congestion and carbon emissions, contributing to greener, more efficient cities.

As the Park Assist Solution celebrates its 20th anniversary, the company remains dedicated to transforming the parking experience. With a solid foundation of technological innovation and a clear vision for the future, the Park Assist Solution is poised to continue leading the way in the parking industry for many years to come.

“We have always believed that technology can transform everyday challenges into seamless experiences. With our automated parking guidance system now installed in more than 80 countries, we’re committed to creating smarter, more efficient cities,” said Pete Messman, General Manager, North America.