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00:02Uber said it is acquiring SpotHero, a company that operates a parking reservation app, according
00:07to CNBC.
00:08The rideshare platform said it plans to integrate a SpotHero-powered parking reservation experience
00:13into its app to help users find parking for events, venues, and airports.
00:18Terms were not disclosed.
00:20CEO Durikos Rishawi said the feature will make driving easier and bring more users into
00:25the Uber ecosystem.
00:26Uber reported better-than-expected fourth-quarter revenue earlier this month, but issued soft
00:31profit guidance, sending shares lower.
00:33Its market cap stands at $146 billion.
00:36SpotHero last raised $50 million in 2019 in a round led by Macquarie Capital.
00:42The Chicago-based company operates in more than 400 cities in the U.S. and Canada and offers
00:48parking at over 13,000 locations.
00:50The deal is subject to regulatory approval and is expected to close in the first half
00:55of this year.
00:55For all things money, visit Benzinga.com.
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