SYDNEY, AUSTRALIA: Smart Parking Limited (ASX:SPZ), a leading provider of parking technology and management solutions, has announced that it has acquired Parklnnovation GmbH (PI), a German parking management company, for $2m.
PI, founded in 2016, manages 46 manually operated parking sites in Germany, mainly in the retail and leisure sectors. Smart Parking said that the acquisition will accelerate its growth in the German market and provide an opportunity to upgrade the sites with its proprietary automatic number plate recognition (ANPR) technology.
Smart Parking’s CEO, Paul Gillespie, said: “We are delighted to welcome the Parklnnovation business to the Smart Parking Group. Parklnnovation has built a well-respected company in recent years with an attractive portfolio of sites under management in Germany. Parklnnovation represents the next step in the Smart Parking growth strategy and reinforces our continued focus on expansion into new territories.”
The acquisition was completed after several weeks of negotiation and due diligence. The purchase price of $2m was funded from Smart Parking’s existing cash reserves. The existing shareholders of PI will assist in the transition of the business for the first three months after settlement.
Smart Parking is a global leader in parking technology and management solutions, with over 1,500 sites under management across 12 countries. The company’s solutions include ANPR cameras, sensors, payment systems, mobile apps, data analytics and enforcement services. Smart Parking aims to improve the parking experience for drivers and operators, while reducing congestion, emissions and costs.
Leave a Reply