SoftBank makes fresh investment in tech-enabled parking service, ParkJockey

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

ParkJockey and Mubadala Capital also announced that 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. (“Citizens”), 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.

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.”

“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 capitalise on these themes and transform the parking industry to create significant value for consumers and real estate owners alike.”