Smart Parking Acquires LPS (Local Parking Security Ltd)

Smart Parking has acquired the parking management contracts and assets from Local Parking Security Limited.

Acquisition overview:

• Compelling strategic fit; building scale in the UK parking management market
• The acquisition adds 126 new parking management sites
• 72 of the sites are Automatic Number Plate Recognition (ANPR) Technology managed locations and 54 manually operated sites
• Transaction purchase price of $5.8m funded from existing cash reserves

Smart Parking Limited (ASX:SPZ) is pleased to announce the acquisition of the parking management assets of Local Parking Security Limited (LPS). LPS, founded in 1999, manages over 120 sites with a mix of ANPR technology and manual operations.

The 126 sites under LPS management will be added to the Smart Parking portfolio and integrated into the Smart Parking technology platform, SmartCloud, offering synergies in supply chain, processing, and account management.  This acquisition offers great opportunities to deliver sustainable technology solutions to the LPS customers which will also drive client satisfaction for both the landowner and the motorist.

SPZ CEO, Paul Gillespie commented; “We are delighted to welcome the Local Parking Security team and customers to the Smart Parking Group. Local Parking Security has built a well-respected parking management business over many years, which has resulted in an attractive and diverse portfolio of sites across the UK. We are looking forward to working with the team and clients to deliver a great customer experience and continue the SPZ growth journey”.

About Smart Parking Limited 

Smart Parking Limited (ASX:SPZ) | A Global Parking Business

Smart Parking Limited is a pioneering technology innovator and services company in the parking industry. With offices in Australia, New Zealand, Germany, Denmark and the UK our aim is to bring our intelligent integrated smart parking services to the world and reinvent the parking experience.

The Company operates and manages thousands of car park spaces across the globe using our proprietary Smart Cloud technology linked with Automatic Number Plate Recognition/License Plate Recognition (ANPR/LPR) systems. This can be used as a single solution or with the option to be combined with payment solutions.

Smart Parking Limited has been an Australian Securities Exchange (ASX:SP) publicly listed company since early 2011.