Uber acquires parking app SpotHero moves beyond ride-hailing, delivery

Uber said it has acquired SpotHero, a company that provides a parking reservation application for crowded city centers, sporting events and concerts.

Terms were not disclosed, but Uber said Monday it plans to offer “a parking booking experience powered by SpotHero” within its app to help users find parking for events, venues and airports.

“In moments when people choose to drive, SpotHero in the Uber app will make the experience easier than ever and bring more people into the Uber ecosystem,” said Uber CEO Dara Khosrowshahi. expression.

Earlier this month, Uber reported better-than-expected revenue for the fourth quarter but issued a soft profit forecast for the current period, sending the stock lower. The company’s strongest revenue growth this quarter was in its delivery business, which started with restaurants and now includes grocery and retail sales.

Uber’s expansion into new markets and geographies has transformed it into the dominant ride-hailing company in the United States. Its market value currently stands at $146 billion. Lyft worth just over $5 billion. In the food delivery space, Uber faces intense competition from the following companies: Door IndicatorIt has a market value of over $71 billion.

SpotHero’s latest announcement outside It raised financing in 2019, raising $50 million in a round led by Macquarie Capital. The Chicago-based company was founded in 2011 and says it now offers more than 13,000 garages, lots and valet parking spaces in more than 400 cities in the U.S. and Canada.

“Joining forces with Uber will allow us to bring this experience to millions more drivers and make parking a natural part of the Uber platform,” SpotHero CEO Mark Lawrence said in a statement.

Uber said the acquisition is subject to regulatory approval and is expected to be completed in the first half of this year.

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