The city council will pay Tazbell Services Group DAC €36.67m to tackle illegal parking in Dublin.
The company beat off bids from two rival firms to secure the lucrative contract.
The new contract is for five years with an option to extend year-by-year for two years.
Tazbell Services - through Dublin Street Parking Services (DSPS) Unlimited - first won the contract in 2004.
Each year, DSPS tickets, clamps, relocates and stores 60,000 vehicles.
In the first six months of 2019, DSPS clamped an average of 129 cars a day.
When inviting tenders for the contract last year, the council estimated the value of the contract to be €45m. The awarded contract of €36.67m represents a sharp drop on that estimate.
Last year, the council recorded revenue of €27.9m from parking fees and €3.2m in clamp release fees.
The council contract for Tazbell represents important business for the Dublin-based firm.
The firm's most recent accounts show that the group recorded a 23pc increase in pre-tax profits to €1.75m in 2017 after revenues decreased marginally from €17.99m to €17.8m.
The group runs operations at more than 30 locations. It also operates toll collection services on the M4 and M3.
In total, the group manages 50,000 on-street parking spaces for local authorities in Ireland.
Its client list includes Dublin City Council, Dun Laoghaire Rathdown County Council and South Dublin County Council.
Numbers employed by the group decreased from 231 to 228 in 2017 with staff costs decreasing from €8.52m to €8.4m.
Pay to directors Thomas Dowd and Martin O'Gara totalled €348,000.