Uber Technologies has acquired the SpotHero parking reservation app to integrate its features into its main app and attract more users beyond its transport and delivery services. The deal will provide access to over 13,000 parking options in more than 400 cities across the United States and Canada. The acquisition is subject to regulatory approvals and is expected to close in the first half of the year.
Uber Technologies announced the acquisition of SpotHero, a parking reservation app, as part of its efforts to diversify offerings and broaden its customer base. Integrating SpotHero's features into the Uber app will enable users to find parking in over 13,000 garages, lots, and valet services across more than 400 cities in the United States and Canada, according to a company statement released on Monday.
The acquisition targets high-volume users, such as daily commuters, event attendees, venue visitors, and airport travelers. Subscribers to Uber One, the company's paid membership, will receive additional parking perks in the future. Uber did not disclose the financial terms of the deal, though SpotHero was valued at $290 million in a 2019 funding round, per PitchBook.
"We have developed Uber to give people more ways to get around without needing a car," said Dara Khosrowshahi, Uber's chief executive. "But for those moments when people do choose to drive, SpotHero in the Uber app will make the experience easier than ever and bring more people into the Uber ecosystem."
Last year, Uber launched targeted products to appeal to a wider audience, including prepaid passes and fixed-price options for regular routes that provide discounts. It also installed physical kiosks at airports, starting with LaGuardia in New York, to help non-smartphone users request rides. The deal is subject to regulatory approval and other closing conditions.
