Exit alert: Parking Panda acquired by competitor - Technical.ly Baltimore

Business

Apr. 13, 2017 9:06 am

Exit alert: Parking Panda acquired by competitor

The Federal Hill-based company was acquired by Chicago’s SpotHero. “By joining forces, we will have a greater impact on the transportation landscape,” said Parking Panda founder Adam Zilberbaum.

SpotHero aims to fill these lines.

(Photo by Flickr user radcliffe dacanay, used under a Creative Commons license)

Parking Panda was acquired by SpotHero, one of its competitors in the off-street parking reservation space. Terms of the deal were not disclosed.

Based in Federal Hill, Parking Panda was founded in 2011. The company’s app allows users to book parking spots at off-street sites. The company focused on event parking, and established more than 800 partnerships with sports teams across leagues like the MLB and NHL, as well as convention centers and other large entities. The company expanded into Canada in 2016.

The presence in Canada and B2B partnerships were attractive to Chicago-based SpotHero, the company said in a statement announcing the deal.

Parking Panda founder and CEO Adam Zilberbaum and COO James Bain will remain with the company.

“This is the most natural progression for our company,” Zilberbaum said in a statement. “By joining forces, we will have a greater impact on the transportation landscape, making parking more convenient through technology.”

We reached out to the company for more info, and will update this post when it becomes available.

(Update: 4/13/17, 11:42 a.m.)

In an interview, Zilberbaum and SpotHero COO Trish Lukasik said they will be maintaining Parking Panda’s Baltimore office, and Parking Panda’s 30 employees will remain with the company.

It’s a new phase for Parking Panda, which was founded by Zilberbaum and Nick Miller, the latter of whom left the company a little over a year ago. Launching out of Baltimore’s first Startup Weekend, the company went on to the Entrepreneurship Roundtable Accelerator in New York and raised $4.7 million in venture funding.

Lukasik said the two companies started talking seriously about the deal 6-8 weeks ago.

The companies were already familiar with each other. Both companies were founded in 2011, and SpotHero expanded its service here in 2015. Lukasik said the competitors always had a “healthy respect” for each other.

Advertisement

“We moved really quickly, and together we learned each other’s businesses and strengths,” Lukasik said.

Lukasik said that Parking Panda adds in areas that SpotHero didn’t previously have, such as B2B partnerships for events and SaaS products. SpotHero had decided it wasn’t going to pursue international expansion this year, but Parking Panda’s launch last year in Toronto and Edmonton now adds that, as well.

Now they’ll work to integrate the 30 employees with 150 SpotHero employees in Chicago, New York and D.C.  Aside from some T-shirts delivered this week, a decision hasn’t been made about how much SpotHero branding will appear at the company’s office in Baltimore.

Organizations: Parking Panda
-30-
LEAVE A COMMENT

Advertisement

Baltimore-based Brown Advisory acquires NextGen Venture Partners

These 12 Baltimore startups got acquired in 2017

How Harpoon Medical’s exit can produce returns for Baltimore

SPONSORED

Baltimore

How Think|Stack and Year Up are cultivating local tech talent

Philadelphia

Think Company

Web Developer

Apply Now
Baltimore

SmartLogic

Developer

Apply Now
Philadelphia

160over90

Full Stack Web Developer

Apply Now

Furniture retailer Bambeco sold to Richmond-based Evergreen Associates

Baltimore boating companies unite as Snag-A-Slip acquires Marinalife

Forcepoint acquired RedOwl for $54M

SPONSORED

Baltimore

Let these free workshops help your business really take off

Baltimore, MD 21201

Agora Financial

HTML / CSS Production Specialist

Apply Now
Baltimore, MD

Fastspot

Project Manager

Apply Now
Baltimore, MD

Fastspot

Technology Director

Apply Now

Sign-up for regular updates from Technical.ly

Do NOT follow this link or you will be banned from the site!