IBI Group Inc (TSX:IBG) (OTC:IBIBF) has acquired mobility solutions provider HotSpot. Financial terms were not disclosed.
HotSpot specializes in creating products for parking, transit, taxi, and merchant payments.
HotSpot began addressing parking issues through technology and has since developed into a suite of integrated mobility solutions. The platform is currently in use across Canada and parts of the U.S., with more than 80 municipalities, cities, universities, and 460,000 mobile application users leveraging the platform's mobility solutions.
IBI expects HotSpot solutions to complement and bolster traffic and transportation practice and its extensive offering of products and solutions.
"With a track record of creating complete mobility solutions, HotSpot's proven technology in Canada and inroads into the U.S. will strengthen our market portfolio of smart city solutions and support our strategic expansion goals in the U.S.," commented IBI Group CEO Scott Stewart.
The acquisition builds on IBI Group's strategic focus on increasing recurring revenue.
Price Action: IBG shares are trading lower by 1.06% at C$13.10 on TSX, and IBIBF is higher by 2.54% at $10.50 on the last check Wednesday.
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