CHICAGO, Oct. 30, 2014 (GLOBE NEWSWIRE) -- SP Plus Corporation (Nasdaq:SP) ("SP+"), a leading national provider of parking, ground transportation and related products and services to commercial, institutional and municipal clients throughout North America, today announced that it has entered into an agreement to establish a joint venture with Parkmobile USA, Inc. ("Parkmobile USA"), which is anticipated to close on October 31, 2014. The joint venture, Parkmobile, LLC, will be a leading provider of on-demand and prepaid transaction processing for on- and off-street parking and transportation services. The joint venture's day-to-day operations will be the responsibility of the Parkmobile USA management team.
The Parkmobile, LLC joint venture will combine two parking transaction engines. SP+ will contribute its proprietary Click and Park® parking prepayment system, which enables consumers to reserve and pay for parking online in advance. Parkmobile USA will contribute its on-demand parking transaction engine that allows consumers to transact real-time payment for parking privileges in both on- and off- street environments. The joint venture will be first to market with a comprehensive solution that addresses all parking verticals and consumer needs by leveraging the Parkmobile consumer brand and the Click and Park® white label parking prepayment transaction engine.
With the resulting powerful transaction processing engine, businesses such as auto manufacturers, airlines, parking operators, ticket platforms, convention centers, stadiums, municipalities, universities, restaurants and an array of consumer-facing websites will be able to allow their customers to easily purchase and pay for parking and transportation services using any device having internet access, from smartphones to desktop computers.
SP+ introduced its Click and Park® engine in 2009 as a service to facilitate one-time parking purchases for sports and entertainment venues. Through continuing investment and development, Click and Park® now supports online transaction processing for a wide range of parking services in diverse operating markets - such as hotels, airports, restaurants, universities, sports stadiums and entertainment venues.
James A. Wilhelm, Chief Executive Officer of SP+, said, "The Parkmobile joint venture represents the next step in our company's vision to use leading-edge technology and payment options to provide solutions that help our clients better serve their customer bases. As the next-generation technology in the marketplace, the joint venture's powerful transaction processing engine will serve businesses of all kinds. Among other things, it can provide in-dash reservation and processing services in support of the 'connected car' products currently under development by major automobile manufacturers. We're very excited about the Parkmobile joint venture, which we believe will create significant value for our shareholders."
SP Plus Corporation provides professional parking, ground transportation, facility maintenance, security and event logistics services to property owners and managers in all markets of the real estate industry. SP+ has more than 23,000 employees. Its SP+ Parking, Standard Parking and Central Parking brands operate more than 4,200 parking facilities with over 2.1 million parking spaces in hundreds of cities across North America, including parking-related and shuttle bus operations serving more than 75 airports. USA Parking System, a wholly owned subsidiary, is one of the premier valet operators in the nation with more four and five diamond luxury properties, including hotels and resorts, than any other valet competitor. The Company's ground transportation division transports over 41 million passengers each year; its facility maintenance division operates in dozens of U.S. cities; and its security subsidiary provides licensed security services in six states. SP+ also provides a wide range of event logistics services. For more information, visit http://spplus.com.
You should not construe the information on that website to be a part of this release. SP Plus Corporation's annual reports filed on Form 10-K, its quarterly reports on Form 10-Q, and its current reports on Form 8-K are available on the Internet at www.sec.gov and can also be accessed through the Investor Relations section of the SP+ website.
Parkmobile is the leading provider for on-demand and prepaid mobile payments for on- and off-street parking. Their services are used in more than 600 locations in the U.S. by millions of registered users. Parkmobile's investors include Fontinalis Partners, BCD Group and BMW Group. Fontinalis Partners, with offices in Detroit and Boston, is a venture capital firm strategically focused on Next-Generation Mobility. With annual global revenues of $24 billion, including $9.2 billion partner sales, BCD Group is an international market leader in corporate and online travel, off-airport parking and the mobile parking industry. For more information please visit www.parkmobile.com, facebook.com/ParkmobileUSA, or on Twitter @Parkmobile.
CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS
This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. SP+ has tried to identify these statements by using words such as "believe," "should," "estimate," "intend," "may," "plan," "predict," "project" and "will" and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. These forward-looking statements are made based on management's expectations and beliefs concerning future events and are subject to uncertainties and factors relating to operations and the business environment, all of which are difficult to predict and many of which are beyond management's control. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ability of SP+ and Parkmobile USA to integrate the two businesses into the business of the Parkmobile, LLC joint venture successfully and the amount of time and expense spent and incurred in connection with the integration; the risk that the economic benefits, cost savings and other synergies that SP+ anticipates as a result of the transaction are not fully realized or take longer to realize than expected; intense competition in the industry; changes in general economic and business conditions or demographic trends; financial difficulties or bankruptcy of major clients; and extraordinary events affecting the Parkmobile, LLC joint venture, including cyber terrorism.
Except as expressly required by the federal securities laws, SP+ undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.
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Source:SP Plus Corporation