ParkJockey Receives Investment from SoftBank

ParkJockey, a fully-integrated parking technology solutions provider, announced an investment from the SoftBank Group (“SoftBank”). 

ParkJockey and Mubadala Capital also announced they have entered into a definitive agreement to acquire Imperial Parking Corporation (“Impark”) from a subsidiary of Ontario Teachers’ Pension Plan (Ontario Teachers’) and have acquired Citizens Parking Inc., one of the leading parking management operators in the U.S. 

The Impark transaction is subject to regulatory approvals and other customary closing conditions with a close expected in the first half of 2019. Owl Rock provided principal debt financing.

Ari Ojalvo, CEO of ParkJockey, said: “ParkJockey’s technology enables property owners to better serve their consumers and improve the performance of their real estate assets. We are excited to partner with Impark and Citizens given their strong operating capabilities, complementary geographic reach and dedication to customer service.” Ojalvo added: “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. I look forward to working with James Hyman, CEO of Citizens, who will lead our parking platform business across North America and Europe and with Ty Stafford who will be responsible for all North American operations.”

“We are excited to join forces with ParkJockey,” said James E. Hyman, CEO of Citizens Parking. “ParkJockey is applying the latest technologies in online booking, consumer insights, and data analytics to maximize the value of parking spaces. We look forward to partnering with ParkJockey and Impark to leverage our platform and bring new offerings to drivers and to property owners that we serve at our Lanier, Ameripark and ParkOne operations.”

“The parking industry is a significant market but remains fragmented with many opportunities for technological innovation,” said Michael Ronen, managing partner at SoftBank Investment Advisers.

“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. We are excited to support the combination of ParkJockey, Impark and Citizens and to work with Ari and his team to accelerate growth and explore emerging opportunities in the sector.”

Adib Mattar, Head of Private Equity at Mubadala Capital, the financial investment arm of Mubadala Investment Company, added, “We are pleased to partner with ParkJockey and SoftBank on this transaction. The investment is a great example of the evolving role technology can play to positively impact even the most traditional of industries, like parking.”

Ty Stafford, President & CEO of Impark, commented, “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

Category: General Update, News