INRIX Inc., a provider of real-time traffic information and connected driving services, has acquired ParkMe, a company that helps motorists find available parking spaces. ParkMe is part of the Detroit-based investment firm Fontinalis Partners’ portfolio (now listed as INRIX). Terms of the deal were not disclosed.
"Our mission has always been to make parking easier, faster, and less expensive for consumers," says Sam Friedman, co-Founder and CEO of Santa Monica-based ParkMe. "By joining INRIX, we can achieve that vision faster than we could have on our own."
ParkMe provides drivers with the ability to find on- and off-street parking, reserve a space, and pay for it through a mobile app. ParkMe has built a parking database that includes nearly 30 million spaces in about 84,000 locations in more than 3,000 cities including Detroit, and is in 64 countries. Friedman says ParkMe will take advantage of INRIX services that help drivers fight congestion, simplify navigation, find fuel, and travel safely.
In turn, INRIX will be able to deliver a comprehensive set of parking services, including finding, comparing, reserving, and paying for parking from a smartphone or vehicle. INRIX clients include Audi, BMW, and Lexus. ParkMe Co-Founder and COO Alex Israel added, "We are excited that becoming part of INRIX gives us the opportunity to work with some of the world's leading automotive companies as we provide our services to millions of users around the world.”
According to an April 2015 report, Strategic Analysis of Smart Parking Market in Europe and North America by Frost & Sullivan, the smart parking market is projected to grow 28 percent annually and is expected to be worth more than $3 billion over the next decade
Fontinalis, founded by partners Bill Ford, Ralph Booth, Chris Cheever, and Chris Thomas (CFO Laura Petterle also is a partner), now has an interest in INRIX. Fontinalis invests in technology and mobility companies, most recently, the San Francisco-based ridesharing service provider, Lyft.
ParkMe will operate as a wholly-owned subsidiary of INRIX and will continue to operate from its office in Santa Monica.