U.S. parking management software maker FlashParking Inc said on Tuesday it would merge with Arrive Inc, an online platform that allows drivers to find and book parking spaces.
The COVID-19 pandemic has spurred demand for fully digitized and touchless alternatives to traditional parking, allowing people to find, book and pay for parking without touching a keypad.
The combined company will serve parking garages as well as drivers at the same time, FlashParking said.
Financial terms of the deal were not disclosed.
Chicago-based Arrive’s investors include Amazon Alexa Fund and over 40 million people have used its platform to book parking since its inception in 2006.
FlashParking’s software helps manage parking at airports, malls, hotels and stadiums, among other busy locations. The Austin-based company counts private equity investment firm L Catterton among its investors.
Source: Reuters.com