SP Plus Corporation Acquires Assets of Roker Inc., a Fully-Integrated Mobility Management Platform that Enhances Our Existing Sphere Suite of Solutions
July 25 2023 - 5:03PM
SP® Plus Corporation (
SP+), (Nasdaq:SP), a
best-in-class technology and operations management provider of
mobility services for aviation, commercial, hospitality, and
institutional clients throughout North America and Europe,
announced that it has acquired certain assets of Roker Inc.
(“Roker”), a provider of fully-integrated parking solutions that
simplify permit, violation and enforcement management for
organizations and municipalities of all sizes.
SP+
has acquired all the intellectual property of Roker as well as its
client contracts and a talented support team based both in the
United States and Canada.
Chris Sherman, President of the Commercial
Division at SP+, commented, “We see robust demand
for a comprehensive mobility solution from municipal clients
focused on leveraging smart city applications and from healthcare
and university clients looking to digitize the complex permitting
requirements that are common on their campuses. Roker has built a
hardware-agnostic platform that simplifies what can otherwise be a
very complex process for permit and enforcement management for
organizations both large and small. The acquisition of Roker’s
platform accelerates the go-to-market for these solutions and
strengthens our overall Sphere offerings to these verticals. We
believe we can capitalize on expanded opportunities with this
enhancement of the Sphere suite of services as we leverage our
existing client relationships and further expand our capability in
these markets.”
Sachin Bedi, Co-founder and CEO of Roker, said,
“Our mission at Roker has always been to simplify parking and
permit management through our next generation cloud-based SaaS
platform. By joining forces with SP+ we have an
edge to combine our innovative technology with their extensive
resources and market presence. The team at Roker is excited to
embark on this promising journey to deliver exceptional parking
solutions to a growing customer base and join a company that is
revolutionizing the parking industry.”
Jeff Eckerling, Chief Growth Officer of
SP+, concluded, “We are excited to welcome Roker’s
team to our organization. We have now completed three technology
acquisitions within the last twelve months that we believe
demonstrate our commitment to leading the digital transformation of
our industry and further strengthen our position as a global
provider of frictionless, SaaS solutions that expand our
addressable market and enable us to accelerate growth.”
About SP+SP+
(www.spplus.com) develops and integrates industry-leading
technology with best-in-class operations management and support to
deliver mobility solutions that enable the efficient and
time-sensitive movement of people, vehicles, and personal travel
belongings. With over 20,000 team members located throughout North
America and Europe, SP+ is committed to providing
solutions that make every moment matter for a world on the go. For
more information, visit www.spplus.com.
About RokerRoker delivers
technology solutions aimed at urban space management inclusive of
parking and enforcement. Roker works with mid to large parking
asset owners like municipalities, healthcare and universities and
helps them solve their challenges around parking via digital
permitting, parking enforcement, mobile pay parking, citation
lifecycle and parking payments solutions that help parking managers
and owners increase revenue and drive operational efficiencies.
Cautionary Note Regarding Forward-Looking
Statements This release contains forward-looking
statements as defined in the Private Securities Litigation Reform
Act of 1995, including statements regarding expectations, beliefs,
plans, intentions and strategies of the Company. The Company has
tried to identify these statements by using words such as “expect”,
“anticipate”, “believe”, “confident”, “could”, “should”,
“estimate”, “intend”, “may”, “plan”, “guidance”, “pathway”, “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 affecting the
Company and are subject to uncertainties and factors relating to
operations and the business environment. 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 Company's ability to
successfully effect its strategic growth plan; intense competition;
changing consumer preferences and legislation; ability to preserve
client relationships; difficulty obtaining insurance coverage or
obtaining insurance coverage at a reasonable cost; volatility
associated with high deductible and high retention insurance
programs; risk that insurance reserves are inadequate; losses not
covered by insurance; risks relating to the Company's acquisition
strategy and ability to successfully integrate such acquisitions;
information technology disruption, cyber-attacks, cyber-terrorism
and security breaches; risk management and safety programs do not
have the intended effect; risks associated with management type
contracts and lease type contracts; deterioration in general
economic and business conditions, including inflation or rising
interest rates, or changes in demographic trends; labor disputes;
catastrophic events such as natural disasters, pandemic outbreaks
and military or terrorist attacks could disrupt business; risks
associated with operations outside of North America; risk that
state and municipal government clients sell or enter into long-term
lease type contracts with the Company's competitors or clients for
parking-related assets; risks associated with joint ventures;
adverse litigation judgments or settlements; risks associated with
operating in a highly regulated environment and the impact of
public and private regulations or governmental orders; the impact
of Federal health care reform; adverse changes in tax laws or
rulings; goodwill impairment charges or impairment of long-lived
assets; risks due to the Company's substantial indebtedness,
including failure to comply with credit facility covenants or meet
payment obligations which may accelerate repayment of the Company's
indebtedness; lack of availability of adequate capital, financing,
or revenues to grow the Company's business or satisfy liquidity
needs; financial difficulties or bankruptcy of major clients; the
Company’s ability to obtain performance bonds; failure to attract
and retain senior management and other qualified personnel; the
long-term impact of climate change on our business; and actions of
activist investors.
For a detailed discussion of factors that could affect the
Company's future operating results, please see the Company's
filings with the Securities and Exchange Commission, including the
disclosures under "Risk Factors" in those filings. Except as
expressly required by the federal securities laws, the Company
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.
Contact:Connie JinSVP,
Corporate Development (312)
274-2105cjin@spplus.com
Vicky NakhlaADVISIRY PARTNERS(212)
750-5800vicky.nakhla@advisiry.com
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