Atlanta-based Parkmobile has announced that one of its minority investors, BMW Group, has acquired the majority of shares in the company.
Parkmobile is an app in use around Atlanta. It allows people to pay for parking using their cell phone. It is in use in 3,000 locations nationwide, the company said.
“Parkmobile, LLC, the leading provider of mobile parking solutions in North America, announced today a recapitalization of the business and investment by BMW Group,” a press release from the company says. “Through this transaction, Parkmobile has consolidated its shareholder base and gained access to significant capital that will be used to accelerate growth and innovation. BMW Group, which had been a minority investor in Parkmobile since 2014, will now be the sole outside investor after buying out the legacy shareholders in the business. Terms of the deal were not disclosed.”
To read the full announcement, click here.