Automotive manufacturer BMW acquired US-based parking space booking service and portfolio company Parkmobile for an undisclosed amount on Tuesday, allowing travel services provider BCD Group to exit.
Parkmobile’s platform enables motorists to hire car parking bays through a mobile app which has more than 8 million registered users. It connects with a number displayed near the space and can collect payment using online mechanisms such as Visa Checkout or PayPal.
BMW invested an undisclosed amount in Parkmobile in 2014, the year after the company raised $6.3m from BCD Holdings, Bluefield Investments and Fontinalis Partners, the venture capital firm co-founded by motoring corporate Ford’s executive chairman, Bill Ford.
BMW could adapt the company’s software to allow drivers of its vehicles to hire parking spaces through in-car software. It has already integrated Parkmobile’s services with its own parking location and booking app, ParkNow.
Jon Ziglar, chief executive of Parkmobile, said: “This new investment by BMW Group clearly validates our leadership position in the industry and our future growth potential.”
Bernhard Blaettel, BMW’s vice-president of mobility services, added: “Parkmobile has established itself as the leader in digital parking solutions in North America and is driving the industry forward. It perfectly complements our portfolio of innovative mobility services.
“Jon and his team are the type of company we want to partner with and we look forward to working with them to scale the business.”