SpotHero Acquires Parking Panda to Strengthen B2B Services and Enter Canada
A Strategic Move in the Parking Tech Industry
Chicago-based parking inventory and booking startup SpotHero has acquired its rival, Parking Panda, in a deal with undisclosed financial terms. This acquisition marks a significant step in SpotHero’s expansion strategy, particularly in the B2B sector and international markets.
About SpotHero and Parking Panda
SpotHero: A Leader in Parking Solutions
- Founded: 2011 in Chicago
- Funding: $27 million to date
- Recent Milestones:
- Launched a developer platform in February 2017 to integrate parking inventory into third-party apps
- Introduced SpotHero for Business in March 2017 to streamline employee parking expense submissions
Parking Panda: Specializing in Event Parking
- Founded: 2011 in Baltimore
- Key Features:
- Focus on event parking reservations
- Partnerships with major sports leagues (NHL, NFL, MLB, NBA) and venues
- Expanded into Canada in 2016, serving Toronto and Edmonton
Why This Acquisition Matters
Expansion into Canada
Parking Panda’s existing operations in Canada provide SpotHero with its first international foothold, albeit limited to Toronto and Edmonton for now.
Strengthening B2B Offerings
Parking Panda’s strong B2B technology and partnerships complement SpotHero’s recent push into business parking solutions. This acquisition is expected to accelerate SpotHero’s B2B product roadmap.
Combined Expertise
SpotHero will integrate Parking Panda’s technology and welcome its engineering team, enhancing its platform development capabilities.
Leadership and Future Plans
- SpotHero’s CEO, Mark Lawrence, will continue to lead the combined company.
- Parking Panda’s CEO, Adam Zilberbaum, and COO, James Bain, will remain with the new entity.
Executive Insights
“We’ve long admired Parking Panda’s talented team and ability to drive product innovation,” said Mark Lawrence. “SpotHero’s consumer focus and great mobile experience are further strengthened by Parking Panda’s strong B2B technology and partnerships.”
“This is the most natural progression for our company,” added Adam Zilberbaum. “By joining forces, we will have a greater impact on the transportation landscape, making parking more convenient through technology.”
Previous Acquisitions
SpotHero’s only prior acquisition was in 2015 when it purchased San Francisco-based rival ParkPlease.
Looking Ahead
This merger positions SpotHero as a stronger player in the parking technology space, with enhanced capabilities in both consumer and B2B markets, as well as a foothold in Canada.
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