Smart city and IoT specialist Urbiotica has acquired Fastprk, one of the leading parking management solutions by Worldsensing. Both Barcelona-based companies were founded in 2008 and develop and offer vertical Internet of Things solutions for both the public and private sectors.
Urbiotica and Worldsensing announced today that smart city expert Urbiotica has acquired the smart parking solution range, Fastprk. While the product family was commercially launched in 2012, Fastprk is now widely deployed worldwide and has been ranked among top parking offerings by leading market analyst IDC. The IoT-based parking management system allows detection if vehicles occupy outdoor parking spaces by using a dual detection sensor that sends parking data to the cloud through an IoT radio protocol called LoRa.
Urbiotica has recently been focusing on extending its smart parking product and solution portfolio. Having been frequently categorized as a player with high potential by market analysts, the Fastprk acquisition will strengthen Urbiotica’s market-leading position. Overall, acquiring Fastprk mirrors the market consolidation trend the smart parking industry is undergoing. The acquisition was especially motivated by the complementarity the Fastprk technology brings to Urbiotica in terms of customer base and market penetration, which will allow Urbiotica to increase both sales and project opportunities. The Fastprk DUO sensor will allow Urbiotica to open new markets thanks to its double detection technology and LoRa communication protocol.
For Josep Maria Torras, CEO of Urbiotica, “the acquisition of a prestigious brand like Fastprk enables us to accelerate the growth of our company and ensures mid-term profitability thanks to the critical mass Fastprk adds to our offering. Moreover, it provides us with direct access to new customer segments within the USA and Poland where Fastprk already has a strong footprint.”
Letting go of its parking management product line enables Worldsensing to focus on its market-leading infrastructure monitoring technology, Loadsensing. Ignasi Vilajosana, CEO of Worldsensing, explains that “as a company, we see that it is more and more necessary to concentrate on Loadsensing, which represents our core business. Fastprk was the first brand we successfully launched and established in the market for which we frequently received buying offers over the years. The decision to pass the torch on to Urbiotica is driven by the company’s capacity to continue providing outstanding service to our customers. Besides having known each other for a long time and trusting each other, I also want to highlight that we chose Urbiotica because they are smart parking pros and because we know that they will continue making Fastprk better and will keep our purpose to continuously innovate alive.”
With over 50,000 parking sensors deployed in 200 parking projects across 45 countries, Urbiotica is destined to quickly become the leader in the smart parking space.
Watch this In the Spotlight with Marc Boher, Chief Commerical Officer at Urbiotica, to find out what the acquisition means to them:
Urbiotica: Tania Josa, Communication Manager
Worldsensing: Jennifer Harth, Director of Marketing and Communications, Tel: +34 93 418 05 85
Urbiotica was established in 2008 with a very clear foundational vision: technology based on wireless sensor networks will transform how we manage our cities.
Urbiotica leads the revolution of the Internet of Things applied to Smart Cities. The projects implemented in more than 20 countries position us as the leading technology company in the development of smart solutions based on sensor systems, designed to manage urban space more efficiently and sustainably.
Fastprk is one of the leading outdoor parking management systems and includes a dual-detection sensor, software suite, and end-to-end services. The smart parking system, which is ranked among the top parking offerings by leading market analyst IDC, features a dual-detection sensor that delivers high accuracy even in environments with high magnetic noise. The sensing technology is integrated with an advanced software solution that enables cities and private operators to connect 3rd party APIs and subsystems to optimize existing services and set up novel approaches to improve their parking operations such as occupancy scanning and fraud management.
Worldsensing is a global IoT pioneer. Founded in 2008, the technology provider delivers operational intelligence to traditional industries and cities. With more than 100 employees and offices in Barcelona, London, Los Angeles, and Singapore, Worldsensing is globally active and has customers in more than 60 countries. Worldsensing’s investors include Cisco Investments, Mitsui & Co, McRock Capital, and ETF Partners, among others.