Spacer Technologies Strengthens Position with STOW IT Acquisition

Deal News | Dec 19, 2024 | Newswire Business

Spacer Technologies Strengthens Position with STOW IT Acquisition

Spacer Technologies, a prominent player in digital marketplaces focused on asset optimization, announced its acquisition of the peer-to-peer assets of STOW IT. This move significantly bolsters Spacer's presence across significant North American markets such as Denver, Phoenix, Dallas, and Austin. STOW IT, founded in 2017, provides a platform for renting out parking spaces, garages, and storage areas, effectively monetizing underutilized spaces. The acquisition enables Spacer to augment its U.S. footprint by adding over 1,000 locations in the $32 billion parking industry. Jeremy Zuker, Spacer’s CEO for North America, lauded the acquisition as pivotal, expressing confidence in the STOW IT platform. Additionally, Spacer's expansion is aligned with its intent to collaborate with top tech firms, hotel chains, and real estate companies, providing reliable parking solutions while reducing the environmental impact of constructing new parking lots.

Sectors

  • Digital Marketplaces
  • Parking Management
  • Real Estate

Geography

  • United States – The acquisition targets key North American markets including Denver, Phoenix, Dallas, and Austin.
  • Australia – Spacer Technologies was founded in Australia and expanded its operations into North America in 2020.

Industry

  • Digital Marketplaces – Spacer Technologies is a leader in digital marketplaces that optimize asset utilization, which is central to this acquisition.
  • Parking Management – The acquisition focuses on expanding Spacer's share in the parking industry, a critical area of growth in the U.S.
  • Real Estate – By partnering with real estate firms and optimizing existing spaces, Spacer Technology is influencing the real estate sector.

Financials

  • USD 32 billion – The value of the U.S. parking management market in 2023, which Spacer aims to tap into with the acquisition.

Participants

NameRoleTypeDescription
Spacer TechnologiesBidding CompanyCompanyA leader in digital marketplaces optimizing asset utilization, expanding its presence in the parking industry.
STOW ITTarget companyCompanyA platform that enables the rental of parking spaces, garages, and storage areas, now acquired by Spacer.
Jeremy ZukerCEO of Spacer Technologies North AmericaPersonKey executive at Spacer Technologies, commenting on the acquisition's strategic importance.
Michael RosenbaumFounder and Global CEO of Spacer TechnologiesPersonGlobal CEO leading Spacer's expansion strategy.
Carmelo ManninoCEO of STOW ITPersonCEO of the target company, expressing alignment and appreciation for the acquisition.