SAN FRANCISCO, CALIFORNIA / ACCESSWIRE / December 19, 2024 / Spacer Technologies (Spacer), a leader in digital marketplaces that optimize asset utilization and minimize waste, announces the acquisition of STOW IT's peer-to-peer assets. The strategic acquisition will enhance the company's footprint in key North American markets including Denver, Phoenix, Dallas and Austin, adding more than 1,000 locations to secure a bigger share of America's $32 billion parking industry.
Taking a Larger Share of America's $32+ Billion Parking Industry
Founded in 2017, STOW IT is a platform that enables individuals and businesses to rent out available parking spaces, garages, and storage areas. It works with thousands of property owners, storage yards, commercial partners and individuals to help them find and rent affordable and secure space for short and long-term needs.
By connecting those with space to rent, with those in need of space, STOW IT offers a convenient and cost-effective solution, while enabling asset owners to monetize their underutilized space.
Jeremy Zuker, CEO of Spacer Technologies in North America, comments, "This acquisition marks a pivotal milestone in our mission to deliver affordable and convenient parking solutions across North America. We've long valued our relationship with the STOW IT team and have consistently been impressed by the platform they've built."
Michael Rosenbaum, Founder and Global CEO of Spacer Technologies adds, "Our peer-to-peer marketplaces serve local communities and we also collaborate with leading tech companies, hotel chains and real estate firms, to deliver reliable, guaranteed parking for their teams. With STOW IT, we can expand our reach and better serve even more customers".
The U.S. parking management market was valued at USD $32 billion in 2023. Spacer aims to leverage available space wherever possible to reduce the need for constructing additional parking lots to help lower emissions.
Carmelo Mannino, CEO of STOW IT, comments, "Spacer Technologies perfectly aligns with the mission and values we've always championed - optimizing existing space to enhance the experience for both those in need of parking and storage, and those with spare space to offer. We're thrilled that the team will carry forward STOW IT's next phase of growth and continue driving innovation in this space".
Spacer Technologies, founded in Australia, expanded into North America in 2020 and has 50,000 listings globally. The acquisition of STOW IT's P2P business helps Spacer as it continues to scale across North America. STOW IT will continue to offer monthly parking near airports for long-term travelers.
For further information please visit www.spacertechnologies.co
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SOURCE: Spacer Technologies
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