Payments

Metropolis Technologies to acquire SP Plus Corp for $1.5B

Image: iStock.

October 10, 2023

Metropolis Technologies Inc., a Los Angeles-based technology company whose computer vision platform enables checkout-free payment experiences, will acquire SP Plus Corp., a Chicago based provider of parking management services, for an aggregate enterprise value of approximately $1.5 billion, according to a press release.

SP Plus Corp has more than 20,000 team members who manage approximately 2 million parking spaces and provide services at over 3,300 commercial locations and over 160 airports.

"While transforming the parking experience is our focus and priority today, as we deploy our proven technology, we see opportunity to offer checkout-free transaction experiences at even more places people go," Alex Israel, co-founder and CEO of Metropolis, said in the press release. "From gas and electric vehicle charging stations to drive-thrus and car washes, as well as retail stores, our computer vision platform enables people to transact in the physical world with even greater ease than we experience online."