Parkable has acquired Australian business Park Genie

Leading Kiwi Parking App Parkable has acquired Australian firm Park Genie in a transaction that cements Parkable as Australasia’s fastest-growing park sharing platform.

Tech startup and Deloitte Fast 50 winner Parkable is a sharing economy platform for car parking that allows companies and individuals to rent out their empty parking bays and provides staff parking management solutions for enterprises and small businesses.

Parkable lets users find and pay for car parks on their smartphone, making parking easier and cheaper, and providing a return to the owners of car parks.

The 100% acquisition of Park Genie means that Parkable now offers more than 1,200 parking locations to its approximately 50,000 users in Auckland, Christchurch, Hamilton, Tauranga, Wellington and Brisbane.

Parkable CEO Toby Littin says the Park Genie business will be integrated into Parkable’s business. Park Genie customers will migrate to the Parkable platform over time and the company intends to grow its presence across Australia.

Shareholders of Park Genie have become shareholders of Parkable. Park Genie’s Brisbane team will run Parkable’s operations in Australia. Mike Davis, Founder of Park Genie, becomes General Manager of Parkable Queensland.

Mr Littin says the introduction of Parkable to Brisbane and Queensland further develops Australia’s sharing economy, and offers new tech solutions for city and business parking.

“Park Genie’s customers can now experience frictionless ‘park by phone’ technology, IoT enabled access control, as well as solutions for staff parking and car park management optimisation,” he said.

“We are really excited to have the Park Genie team become part of the Parkable family. This acquisition brings new strength to the leadership group in Mike Davis and further expansion opportunity for the Parkable technology platform into Australia. We are looking forward to sharing knowledge and capability across both NZ and Australia to help solve our cities' transport and parking challenges.”

Park Genie Founder Mike Davis says, “Parkable and Park Genie are a great fit. We both believe that space in our cities is a precious resource. We are both focused on finding ways to strengthen the sharing economy to make people’s lives easier, to make owning an asset more rewarding and to make our cities more liveable. I see Parkable as the leader in the parking sharing economy. It’s an amazing opportunity to be able to bring that platform to Australia. Right now Brisbane’s commuters and commercial property owners have many unmet needs. Our team can now serve those needs with innovative new technology.”

About Parkable

Deloitte Fast 50 winner Parkable is a sharing economy platform for car parking that allows companies and individuals to rent out their empty parking bays and provides staff parking management solutions for enterprises and small businesses. Sometimes referred to as AirBnB for parking’, users of the Parkable App can find and pay for car parking spaces as they need to without needing cash, either on the fly or spaces can be reserved. Car park owners can also enjoy additional income from letting out spaces when they aren’t being used.