Austin American-Statesman: Austin’s FlashParking to merge with Chicago-based Arrive
Originally posted on Austin American-Statesman
Jan 6, 2021, 1:59pm
By Lori Hawkins
Austin-based FlashParking, which develops technology for managing parking lots, is merging with Arrive Inc., a Chicago-based online platform that lets drivers find and book parking spaces.
Financial terms of the deal were not disclosed.
FlashParking CEO Dan Sharplin said the coronavirus pandemic has increased demand for digitized and touchless alternatives to traditional parking.
“We have seen first-hand the devastating effects of the pandemic on the parking industry,” Sharplin said. “A key component to recovery is deployment of cloud-based, future-ready technologies that allow owners and operators to modernize and diversify their business model with the addition of mobility services.”
FlashParking will integrate Arrive’s mobile apps, digital services and network of millions of users into its operating platform, Sharplin said.
“Through this unique combination, FlashParking and Arrive will offer the connective tissue between the parking industry and the future of mobility,” he said.
The combined company will serve parking garages as well as drivers, FlashParking said.
Founded in 2011, FlashParking originally helped valet stands manage their revenue. The company allowed customers to pay for their parking and tip on their phone.
Today, FlashParking provides a suite of products that let operators manage valet, event, gated and monthly parking as well as mobile payments.
FlashParking received a $60 million investment last January from L Catterton, a consumer-focused investment firm based in Greenwich, Conn. L Catterton has also backed Austin-based Hopdoddy Burger Bar and Snap Kitchen.
FlashParking targets industries including airports, hospitality, commercial businesses, health care and higher education.
Among FlashParking’s customers is Texas Medical Center in Houston, which uses the company’s technology to simplify parking, reduce congestion and improve traffic flow at 19 garages and 20 surface lots.
In addition to Texas Medical Center, FlashParking technology is used by more than 6 million parkers a month at more than 1,300 locations worldwide, the company said.
In July, FlashParking made its first acquisition, purchasing the parking division of Control Systems Inc., a West Hartford, Conn.-based company that serves more than 1,600 customers. The purchase price was not disclosed.
Arrive, founded in 2006, has raised $61.1 million from investors including Amazon Alexa Fund and has made three acquisitions, according to business information site Crunchbase.
Yona Shtern, CEO of Arrive, said “with the parking industry at an inflection point and market and consumer demands evolving, we are in an ideal position to meet those needs by merging our two technology platforms into a single comprehensive platform, which spans across the entire customer journey.”