Metropolis Tech To Acquire SP Plus Corp For $1.5 Million

CIOTechOutlook Team | Friday, 06 October 2023, 02:41 IST

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A definitive agreement has been reached under which Metropolis Technologies, Inc. will acquire SP+ for $54.00 per share in cash. SP+ is a best-in-class technology and operations management provider of mobility services for aviation, commercial, hospitality, and institutional clients throughout North America and Europe. Metropolis Technologies, Inc. is a technology company whose computer vision platform enables checkout-free payment experiences. With a total enterprise value of over $1.5 billion, this implies a premium of about 52% to the SP+ stock's closing price on October 4, 2023 and about 28% to its 52-week high.
 
Metropolis develops and deploys leading-edge computer vision technology that creates a “drive in and drive out” payment experience for consumers while increasing transparency, capturing revenue and reducing costs for real estate owners. To date, Metropolis has focused on bringing this checkout-free technology to its managed parking facilities, enabling top-tier real estate owners in 40+ major U.S. metropolitan centers to capture revenue from more than five million consumers who do not have to stop to pay. Metropolis was founded in 2017 and is led by Alex Israel, Travis Kell, Peter Fisher, and Courtney Fukuda, as per business wire.
 
SP+ is a best-in-class technology and operations management supplier with a long history of combining innovative solutions with exceptional service. SP+ employs over 20,000 people and manages roughly two million parking spots in addition to providing services at over 3,300 business venues and 160 airports. SP+ provides clients with a compelling value proposition and the capacity to adopt technological improvements that enable frictionless transactions through its Sphere Commerce technology solutions.
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