Tritech Media, controlled by the Kirsh family, has bought a 30% stake in parking technology provider KaChing, it said on Wednesday. KaChing, which was launched in February, uses licence plate recognition (LPR) technology to open the boom gate when users arrive at and exit a parking lot. It then automatically deducts the parking fee from the driver’s account. LPR captures video or still images of licence plates. Users download the app and register their details. Tritech Media has been investing in technology companies that offer a wide range of services such as loyalty programmes and advertising platforms that enable shopping malls and tenants to promote their products on a user’s mobile phone as soon as the consumer enters a shopping centre. Tritech Media’s founder and CEO William Kirsh said the acquisition would further improve the group’s technology platforms for shopping mall owners and their retail clients. Tritech Media would integrate KaChing with its other location-based tech...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now