SpotHero, the leading parking reservation service in the United States, announced that it has acquired Parking Panda, the leader in event parking reservations in the U.S. and Canada.
According to a press release, the deal makes SpotHero the category leader across all major off-street parking verticals, including daily, monthly, business, event and airport parking. The Chicago-based company is poised to park 20 million cars in 2017 and offers nearly 5,000 parking locations across North America.
“We’re thrilled to combine forces with Parking Panda to bring easy parking to more drivers, faster,” said Mark Lawrence, co-founder and CEO, SpotHero. “We’ve long admired Parking Panda’s talented team and ability to drive product innovation. SpotHero’s consumer focus and great mobile experience are further strengthened by Parking Panda’s strong B2B technology and partnerships.”
Lawrence will continue to serve as CEO, and Parking Panda’s leadership team of CEO and Founder Adam Zilberbaum and COO James Bain will remain with the company.
Parking Panda had already established more than 800 strategic partnerships before its acquisition, including event parking partnerships with a variety of NHL, NFL, MLB and NBA teams, as well as major convention centers, sports arenas, theaters and municipalities. It entered the Canadian market last year.
With the integration of Parking Panda’s suite of online tools and technology, SpotHero can expand its B2B product roadmap, as well as focus on driver convenience for consumers.
“This is the most natural progression for our company,” said Parking Panda CEO Adam Zilberbaum. “By joining forces, we will have a greater impact on the transportation landscape, making parking more convenient through technology. We’ve long held values similar to those of SpotHero, including putting drivers first, investing in our people and building great products.”