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On Track Innovations Ltd., or OTI, an Israel-based payments company, said Wednesday it had bought France-based ID Parking for 750,000 euros (US$1.19 million), including 250,000 euros in cash and OTI shares valued at 500,000 euros. ID Parking, which is being renamed Parx France because it will become part of the Israeli firm's Parx Ltd. subsidiary, operates parking systems in 40 French cities. The deal will enable the Israeli firm to "readily access the French electronic parking payment market" and to offer its in-vehicle parking-meter devices to more French consumers, the Israeli firm says in a statement. The company's president, Ohad Bashan, directed comment to a media spokesperson when contacted by CardLine Global Wednesday. That spokesperson was not immediately available.

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