SYDNEY, AUSTRALIA: Smart Parking Limited (ASX:SPZ) introduced the acquisition of 100% of NE Parking Limited (NEP).
NEP, based in 2016, manages 517 operated by hand parking websites within the North West of England.
The 517 websites under administration will be added to existing operated by hand Smart Parking property and provides SPZ with alternatives for upgrading appropriate websites to ANPR technology.
SPZ CEO, Paul Gillespie commented; “We are excited to welcome the NE Parking enterprise and customers to the Smart Parking Group. NE Parking has constructed a well-respected firm in recent years with a strong portfolio of websites under administration throughout the North West of England.”
The acquisition follows a number of weeks of negotiation and due diligence. There are no conditions to settlement, and the Company shall pay $0.52m to purchase 100% of NEP. Warranties customary for a enterprise of this nature have been provided, and it has been agreed that the General Manager of NEP shall help in transition of the enterprise for the primary 6 months post-settlement.
Smart Parking Limited is a pioneering technology innovator and services firm within the parking industry. With offices in Australia, New Zealand, Germany and the UK, together with a quickly rising global community of expert partners, firm brings clever parking sensors and built-in smart parking services to the world.
Smart Parking Limited has been an Australian Securities Exchange (ASX:SPZ) publicly listed firm since early 2011.
www.smartparking.com