Dallas tech company ParkHub has announced its acquisition of Connecticut-based Wireless Carpark in a deal, which will consolidate parking technology services across the companies’ combined client base and open new markets for ParkHub.
While no financial terms of the deal were released, ParkHub founder and CEO George Baker Sr. told Dallas Innovates via email that the acquisition will boost the company’s client base and footprint significantly.
“The transaction was a combination of cash and stock which increased our client base by nearly 10 percent,” Baker said. “Further, this allowed us to get a good Northeast foothold and unlocked the beach parking market for us.”
Baker noted that among the 20 or so locations that have been added to its client set include The University of Alabama, the Oakland Athletics, state beaches in Rhode Island, and various sites from ProPark and other parking operators.
ParkHub, which provides software and hardware services for the global parking industry, also appointed Wireless Carpark president John W. Beyer and treasurer Matt Allen to its advisory board.
“ParkHub and Wireless Carpark were both built on the belief that if it doesn’t work for everybody, it doesn’t work at all,” Baker said in a statement. “We share a commitment to our clients’ success and the advancement of the industry. Aligned in culture, we are now able to pivot from competitors to collaborators.”
ParkHub’s subscription-based solutions are geared to improve the parking experience and drive revenue via streamlined operations and real-time insights. Its clients include professional sports teams, premier entertainment venues, universities, and state parks, while ParkHub’s tech integrates with major parking and ticketing providers.
This deal marks ParkHub’s second acquisition and fourth major transaction in 2019, according to a statement.
ParkHub executed a $13 million Series B financing round led by Arrowroot Capital, acquired SpotHero’s mobile point-of-sale division, and secured $5 million in growth financing provided by Bridge Bank.
Baker told Dallas Innovates in February that the $13 million investment was the first institutional funding raise for the startup. Starting in 2014, ParkHub raised $10 million in funding from high-wealth individuals such as Dallas Cowboys owner Jerry Jones, Bruce Williams, John Jaggers, Rugger Burke, Scot Harper, Ryan Osborne, among others.
Also this year, ParkHub won Parking Today’s Award for Customer Service Excellence and Baker was named Innovator of the Year by the National Parking Association.
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