Smart Parking Acquires ParkInnovation

Smart Parking Limited (ASX:SPZ) is pleased to announce the acquisition of 100% of ParkInnovation GmbH (PI). PI, founded in 2016, manages 46 manually operated parking sites in Germany.

The 46 sites under management provide SPZ with the opportunity to deploy its proprietary technology across the estate.

SPZ CEO, Paul Gillespie commented; “We are delighted to welcome the ParkInnovation business to the Smart Parking Group. ParkInnovation has built a well-respected company in recent years with an attractive portfolio of sites under management in Germany. ParkInnovation represents the next step in the Smart Parking growth strategy and reinforces our continued focus on expansion into new territories.”

The acquisition follows several weeks of negotiation and due diligence. There are no conditions to settlement, and the Company shall pay $2.0m to acquire 100% of PI.

It has been agreed that the existing shareholders of PI shall assist in the transition of the business for the first 3 months post-settlement.

About Smart Parking Limited 

Smart Parking Limited is a pioneering technology innovator and services company in the parking industry. With offices in Australia, New Zealand, and Germany as well as the UK, along with a rapidly growing global network of expert partners, our aim is to bring our intelligent parking sensors and integrated smart parking services to the world. Each year, we install tens of thousands of sensors in a range of environments including shopping centers, supermarkets, airports, commercial parking sites, universities, and large-scale municipal street environments. To date, our advanced real-time vehicle parking sensor solution, known as SmartPark, has been adopted in 17 countries. Alongside the technology products division, our managed services division operates and manages thousands of car park spaces across the UK using complementary Automatic Number Plate Recognition/License Plate Recognition (ANPR/LPR) technology. This can be used as a single solution or with the option to be combined with Pay & Display or integrated with sensing technology.