EasyPark Group has outlined its intention to acquire PARK NOW Group, including its UK brand RingGo, to expand the coverage of its digital parking and mobility services.
BMW Group and Daimler Mobility AG have agreed to sell their joint venture PARK NOW Group to EasyPark Group, subject to prior approval by the relevant authorities.
The proposed acquisition will bring both companies together to scale coverage in Europe and the US and invest in innovation in the parking space – offering both on- and off-street parking, parking guidance and in-car integration.
European mobility company EasyPark helps drivers remotely find, manage and pay for both parking and electric vehicle charging via an app. It is available in 2,200 cities across 20 countries throughout Europe and Australia. While PARK NOW operates under the brands RingGo, PARK NOW, Park-line and Parkmobile in 11 countries. In the UK, the RingGo app helps to find parking in more than 475 towns and cities.
The two companies say they share a corporate culture based on ‘technological enthusiasm and a relentless pursuit of improvement’. EasyPark has also unveiled plans to fund additional growth and expansion to offer ‘even better, integrated services to its customers in the future’.
“EasyPark and RingGo are driven by the same passion for smart mobility and cleaner, more livable cities,” said Peter O’Driscoll, managing director, RingGo. “RingGo is the innovation leader for emission-based parking solutions and leveraging our combined skills to offer advanced parking solutions to more customers, cities and operators will allow us to significantly accelerate our journey towards a cleaner and smarter future of mobility.”
Johan Birgersson, CEO of EasyPark Group, added: “We are pleased to welcome PARK NOW, its customers and the whole team to the EasyPark Group. This enables us to add value and simplify mobility in day-to-day life for more cities, parking operators and our joint users. The acquisition is strategically important in order to accelerate our long-term growth and innovative capabilities.”
The parties have agreed not to disclose the terms of the transaction, which requires approval by regulatory authorities.