Metropolis Technologies has recently secured $1.7 billion in Series C financing, with the aim of acquiring SP Plus Corporation for $1.5 billion. The financing for this acquisition was led by Eldridge and 3L Capital.
Metropolis specializes in computer vision technology, allowing for checkout-free payment experiences at its managed parking facilities. It aims to increase transparency, capture revenue and reduce costs for real estate owners. SP Plus is a technology and operations management provider that offers mobility services for various industries. With its Sphere Commerce solutions, SP Plus enables clients to implement technology upgrades that enable frictionless transactions.
This acquisition will help Metropolis provide clients with more opportunities to enhance their consumer experience and improve efficiencies. Metropolis will expand its market reach of over 360 North American cities, serving millions of consumers and processing over $4 billion in payments annually.
The transaction is expected to close in 2024, subject to regulatory approvals and approval from SP Plus’ stockholders.
