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INRIX ANNOUNCES ACQUISITION OF PARKME

Accelerates INRIX development of smart parking services for drivers worldwide;
ParkMe co-founders join INRIX executive team

INRIX®, Inc., a leading provider of real-time traffic information and connected driving services worldwide, announced it has completed the acquisition of ParkMe, a Santa Monica, CA company that helps consumers find parking, make reservations and mobile payments worldwide. This deal makes INRIX the preferred provider of parking information and services to leading automakers, transportation agencies and drivers around the world.

In expanding the company’s data aggregation and industry expertise, the acquisition helps INRIX more rapidly deliver a comprehensive set of parking services, including finding, comparing, reserving, and paying for parking from a smartphone or vehicle. With these expanded capabilities, the acquisition further solidifies the company’s leadership as it expands the breadth and depth of the parking services it offers to Audi, BMW and Lexus, among others.

“For ten years INRIX has been focused on analysing and facilitating the movement of vehicles around the world, and that includes avoiding congestion during a trip and at the drivers’ destination. Over time, we’ve expanded our service to include real-time fuel price information, EV charging, even parking,” said Bryan Mistele, president and CEO of INRIX. “Today, ParkMe and INRIX become one company. Fuelled by a talented staff and an unrivalled set of breakthrough technologies, together we provide customers with the best source of driving intelligence in all its forms – traffic, fuel, EV, inter-modal navigation and parking worldwide.”

With more than 400 customers in 42 countries, INRIX is the preferred provider of driving intelligence to leading automakers and transportation agencies including Audi, BMW, Toyota, more than 60 U.S. Departments of Transportation, the U.K. Highways Agency and the Denmark Road Authority.

“Our mission has always been to make parking easier, faster and less expensive for consumers,” said, Sam Friedman, Co-Founder and CEO of ParkMe. “By joining INRIX, we can achieve that vision faster than we could have on our own.”

ParkMe Co-Founder and COO Alex Israel added, “We are excited that becoming part of INRIX gives us the opportunity to work with some of the world’s leading automotive companies as we provide our services to millions of users around the world.”

In a smart parking market growing at 28 percent annually and expected to be worth more than $3 billion over the next decade[1], ParkMe has built the world’s most comprehensive parking database that includes more than 29 million spaces in 84,184 locations spanning 3,232 cities in 64 countries. ParkMe provides drivers with the ability to find on- and off-street parking, reserve a space as well as pay for parking either through a mobile app or directly from the owner’s vehicle. The company’s products join a rapidly growing suite of INRIX services that help drivers fight congestion, simplify navigation, find fuel and travel safely.

ParkMe will continue to operate from its office in Santa Monica, CA. The ParkMe brand and mobile applications will continue and there will be no service interruptions for existing ParkMe consumer and enterprise customers. Terms of the deal are not being disclosed.