Smart Parking acquires LPS (Local Parking Security Ltd)

Smart Parking has acquired the parking management contracts and assets from Local Parking Security Limited.

Acquisition overview:

• Compelling strategic fit; building scale in the UK parking management market
• The acquisition adds 126 new parking management sites
• 72 of the sites are Automatic Number Plate Recognition (ANPR) Technology managed locations and 54 manually operated sites
• Transaction purchase price of $5.8m funded from existing cash reserves

Smart Parking Limited (ASX:SPZ) is pleased to announce the acquisition of the parking management assets of Local Parking Security Limited (LPS). LPS, founded in 1999, manages over 120 sites with a mix of ANPR technology and manual operations.

The 126 sites under LPS management will be added to the Smart Parking portfolio and integrated into the Smart Parking technology platform, SmartCloud, offering synergies in supply chain, processing, and account management.  This acquisition offers great opportunities to deliver sustainable technology solutions to the LPS customers which will also drive client satisfaction for both the landowner and the motorist.