“The parking industry is a significant market but remains fragmented with many opportunities for technological innovation,” Michael Ronen, managing partner at SoftBank Investment Advisers, said in a press release. “Human mobility, however, is undergoing huge secular change, and there is demand for new driver services, refueling, parking and vehicle staging near key high-traffic locations. We believe ParkJockey is ideally placed to capitalize on these themes and transform the parking industry to create significant value for consumers and real estate owners alike.”
The company also revealed that it has teamed up with Mubadala Capital, entering into a definitive agreement to acquire Imperial Parking Corporation (Impark) and Citizens Parking, one of the leading parking management operators in the U.S. The Impark transaction is subject to regulatory approvals and is expected to close in the first half of 2019.
“ParkJockey’s technology enables property owners to better serve their consumers and improve the performance of their real estate assets,” said Ari Ojalvo, CEO of ParkJockey. “We are excited to partner with Impark and Citizens given their strong operating capabilities, complementary geographic reach and dedication to customer service.”
“This acquisition will create growth opportunities for our real estate partners, our clients and our employees as urban mobility and infrastructure develop in the coming years,” he added.
Launched in 1962, Impark is one of North America’s largest parking management companies, with a portfolio of over 3,600 locations.
“As mobility evolves, there are a series of enhanced use cases which present exciting opportunities alongside traditional parking. We look forward to joining forces with ParkJockey, which will allow us to explore the potential of technology and deploy new services while maintaining an unwavering focus on our consumers, landlords and employees,” said Ty Stafford, president and CEO of Impark.