Flowbird acquires leading Parking Technology provider YourParkingSpace
YourParkingSpace was founded in 2013 and specialises in parking technology solutions, developing the world’s most customisable end-to-end digitally led parking solution while also operating the UK’s leading pre-book and subscription marketplace. The business has grown by 125 per cent in the past 12 months alone.
Flowbird Group is the global market leader in on-street parking, working with more than 4,350 municipalities in over 80 countries. In addition, its smart parking technology includes ticketing equipment, validation terminals and associated software systems for public transport, generating revenues of more than €300 million (£256 million) annually.
The acquisition sees Flowbird join forces with YourParkingSpace, the UK leader in off-street parking technology solutions. Flowbird has invested significantly in expanding its digital offering over the past few years, this acquisition rapidly accelerates its digital transformation.
The purchase valuation is undisclosed, however it is understood to be in line with recent transaction values for comparable US-based parking technology providers.
Harrison Woods, CEO at YourParkingSpace, commented: “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.”
Harrison added: “I’d like to put on record my thanks to our Chairman Andrew Higginson, who has flawlessly steered the business to the point of acquisition, our supportive investors Pelican Capital who believed in our vision and backed the company in 2020 during the height of the Covid-19 pandemic, our trusted advisors Solano Partners and most importantly our fantastic team who have been instrumental in the journey.”
Bertrand Barthelemy, President of Flowbird Group, commented: “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.”
YourParkingSpace was advised by the newly launched boutique investment bank, Solano Partners.