UK off-street parking technology provider YourParkingSpace has been acquired by French urban mobility company Flowbird.
The purchase valuation is undisclosed, however it is understood to be in line with recent transaction values for comparable US-based parking technology providers.
According to Flowbird, the acquisition of YourParkingSpace, which operates one of the UK’s leading pre-book and subscription marketplaces, will rapidly accelerate its digital transformation.
Flowbird claims to work with more than 4,350 municipalities in over 80 countries on on-street parking solutions.
In addition, its smart parking technology, which includes ticketing equipment, validation terminals and associated software systems for public transport, reportedly generates revenues of more than €300m (£256m) annually.
Bertrand Barthelemy, president of Flowbird Group, said: “With this strategic acquisition, Flowbird will benefit from YourParkingSpace’s off-street and marketplace technology.
“Bringing on board its technology and proven track record of delivery is very positive news for all our stakeholders: motorists, cities and parking operator partners.”
Founded in 2013, YourParkingSpace develops customisable end-to-end digitally led parking solutions. The business has reportedly grown by 125% in the past 12 months alone.
Harrison Woods, CEO at YourParkingSpace, said: “This deal ushers in an incredibly exciting new era for YourParkingSpace.
“It will enable us to tap into Flowbird’s unrivalled network, rapidly digitalising the off-street parking market on a global scale.”
YourParkingSpace was advised by newly launched boutique investment bank, Solano Partners.
