Global smart mobility and parking specialist Flowbird Group has acquired the UK’s YourParkingSpace for an undisclosed sum. 

Flowbird Group said the acquisition of YourParkingSpace would support its existing work in on-street parking

The deal will support Flowbird’s recent and significant investment in expanding its digital offering. 

Founded in 2013, YourParkingSpace specialises in off-street parking technology solutions – it claims to have developed the world’s most customisable end-to-end digitally led parking solution while also operating the UK’s leading pre-book and subscription marketplace. It’s also reported 125% business growth in the past 12 months. 

Flowbird Group said the acquisition would support its existing work in on-street parking, working with more than 4,350 municipalities in over 80 countries. It’s also developed smart parking technology that includes ticketing equipment, validation terminals and associated software systems for public transport, generating revenues of more than €300m (£256,) annually. 

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.” 

The purchase price is said to be in line with recent transaction values for comparable US-based parking technology providers. 

Harrison Woods, CEO at YourParkingSpace, said the deal would usher in “an incredibly exciting new era” for the company. 

“It will enable us to tap into Flowbird’s unrivalled network, rapidly digitalising the off-street parking market on a global scale.” 

Woods 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.”