I spoke with INRIX Chief Marketing Officer Steve Banfield and Parkme co founder Alex Israel yesterday. They noted that Inrix and Parkme had been working together for a number of years and saw this acquisition as an ongoing evolution of that partnership. I will be doing a more in-depth review of the acquisition in upcoming weeks.
The news release send by Inrix follows:
INRIX ANNOUNCES ACQUISITION OF PARKME
Accelerates INRIX Development of Smart Parking Services for Drivers Worldwide;
ParkMe Co-Founders Join INRIX Executive Team
Kirkland, WA and Santa Monica, CA – September 10, 2015 – INRIX®, Inc., a leading provider of real-time traffic information and connected driving services worldwide, announced it has completed the acquisition of ParkMe, a Santa Monica, CA company that helps consumers find parking, make reservations and mobile payments worldwide. This deal makes INRIX the preferred provider of parking information and services to leading automakers, transportation agencies and drivers around the world.
In expanding the company’s data aggregation and industry expertise, the acquisition helps INRIX more rapidly deliver a comprehensive set of parking services, including finding, comparing, reserving, and paying for parking from a smartphone or vehicle. With these expanded capabilities, the acquisition further solidifies the company’s leadership as it expands the breadth and depth of the parking services it offers to Audi, BMW and Lexus, among others.
“For ten years INRIX has been focused on analyzing and facilitating the movement of vehicles around the world, and that includes avoiding congestion during a trip and at the drivers’ destination. Over time, we’ve expanded our service to include real-time fuel price information, EV charging, even parking,” said Bryan Mistele, president and CEO of INRIX. “Today, ParkMe and INRIX become one company. Fueled by a talented staff and an unrivaled set of breakthrough technologies, together we provide customers with the best source of driving intelligence in all its forms – traffic, fuel, EV, inter-modal navigation and parking worldwide.”
With more than 400 customers in 42 countries, INRIX is the preferred provider of driving intelligence to leading automakers and transportation agencies including Audi, BMW, Toyota, more than 60 U.S. Departments of Transportation, the U.K. Highways Agency and the Denmark Road Authority.
“Our mission has always been to make parking easier, faster and less expensive for consumers,” said, Sam Friedman, Co-Founder and CEO of ParkMe. “By joining INRIX, we can achieve that vision faster than we could have on our own.”
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.”
In a smart parking market growing at 28 percent annually and expected to be worth more than $3 billion over the next decade , ParkMe has built the world’s most comprehensive parking database that includes more than 29 million spaces in 84,184 locations spanning 3,232 cities in 64 countries. ParkMe provides drivers with the ability to find on- and off-street parking, reserve a space as well as pay for parking either through a mobile app or directly from the owner’s vehicle. The company’s products join a rapidly growing suite of INRIX services that help drivers fight congestion, simplify navigation, find fuel and travel safely.
ParkMe will continue to operate from its office in Santa Monica, CA. The ParkMe brand and mobile applications will continue and there will be no service interruptions for existing ParkMe consumer and enterprise customers. Terms of the deal are not being disclosed.
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INRIX is one of the fastest growing big data technology companies in the world. The company leverages big data analytics to reduce the individual, economic and environmental toll of traffic congestion. Through cutting-edge data intelligence and predictive traffic technologies, INRIX helps leading automakers, fleets, governments and news organizations make it easier for drivers to navigate their world.
Our vision is simple – to solve traffic, empower drivers, inform planning and enhance commerce. Whether through an in-car or smartphone navigation application, a local newscast or our INRIX Traffic app, our up-to-the-minute traffic information and other driver services help millions of drivers save time, fuel and frustration. INRIX delivers traffic and driving-related insight, as well as sophisticated analytical tools and services to 400 customers, on five million miles (7.9 million km) of road in 42 countries. For more information, visit us at INRIX.com or download our INRIX XD Traffic App for iOS and Android.
Based in Santa Monica, Calif., ParkMe is the leading provider of real-time parking information to navigation companies and consumers. Consumers can access ParkMe via GPS and in-car navigation systems, ParkMe.com, online widgets, iPhone, iPod Touch, iPad and Android apps. Founded by Sam Friedman and Alex Israel, ParkMe’s mission is to make parking easier, faster and cheaper. The company collects and aggregates data about both on-street and off-street parking and has built the world’s most comprehensive parking database. This includes more than 84,184 locations spanning 3,232 cities in 64 countries.
ParkMe can be found on the Web at ParkMe.com, on Twitter @ParkMe and on facebook.com/ParkMe. ParkMe is backed by a highly respected group of investors, including Fontinalis Partners, IDG Ventures and Angeleno Group and is now a wholly owned subsidiary of INRIX. For more information visit us at ParkMe.com or download our ParkMe App for iPhone and Android.