Dinsmore Counsels SpotHero in ParkHub Partnership Deal
Dinsmore & Shohl LLP client SpotHero has finalized a partnership with ParkHub that will grow its current network of premium parking facilities by hundreds of new venues, making it one of the largest parking mobility platforms in North America.
The partnership deal involved an asset sale from parking reservation company SpotHero to B2B parking technology provider ParkHub and included the creation of an alliance between the parties on booking and parking site prospecting and shared revenues.
“We are thrilled to have helped our client navigate this transaction and arrive at a partnership that will have such a significant impact on SpotHero’s growth and stature,” said Bobby Lucas, chair of Dinsmore’s corporate department, who counseled SpotHero along with attorneys Allan Daily and Adam Vernick. “We are pleased to have brought them through rigorous negotiations to a successful closing, while protecting their best interests and business vision for the future.”
SpotHero envisions a world where people get everywhere, easier. The company connects mobility leaders, vehicles and drivers with the largest network of off-street parking in North America through its HeroConnect platform, a parking API and SDK, and provides the connective tissue to exchange data and payments. SpotHero is also the leading parking reservation service with more than 20 million cars parked and the most app downloads nationwide. This full ecosystem approach makes parking facilities future-proofed, cities more accessible, and the world more connected. Founded in 2011, SpotHero is headquartered in Chicago and has raised $68.3 million in funding. To learn more, visit SpotHero.com.
ParkHub is a Dallas-based technology company that provides software and hardware services for the global parking industry. The company's products provide multiple payment options, real-time reporting of parking revenue, support for dynamic pricing, and inventory availability and control. ParkHub technology integrates with many prepaid parking and ticketing providers. Founded by parking industry veteran, George Baker, Sr. ParkHub has effectively fast-tracked traditional parking operations into the digital age, managing over 1 million parking spots and having parked over 18 million vehicles to date. For more information, visit ParkHub.com.