IBI Group Enhances Mobility-Based Solutions with Acquisition of HotSpot
– Complementary mobility solution strengthens IBI’s SaaS portfolio and broadens recurring revenue –
TORONTO, ON (June 1, 2022) – Global design and technology firm, IBI Group Inc. (TSX: IBG) (“IBI” or the “Company”), announced today that it has acquired mobility solutions provider, HotSpot (the “Acquisition”). Founded in New Brunswick in 2013, HotSpot began addressing parking issues through technology and has since developed into a suite of integrated mobility solutions. Currently, the platform is in use across Canada and parts of the U.S., with more than 80 municipalities, cities and universities, and 460,000 mobile application users leveraging the platform’s mobility solutions. HotSpot’s suite of solutions will complement and bolster IBI’s traffic and transportation practice and its extensive offering of products and solutions that have been deployed globally, including CurbIQ, Travel-IQ, TRANSIT Data Suite and Smart City Platform.
“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.,” said IBI Group CEO, Scott Stewart. “We look forward to welcoming HotSpot’s talented staff to IBI and continuing to expand and strengthen our expertise in the mobility sector.”
HotSpot specializes in creating products for parking, transit, taxi and merchant payments. Its low infrastructure requirement aids in the rapid rollout of flexible, integrated mobility solutions and provides savings to clients and consumers. HotSpot responds to community parking needs, creating adaptable solutions, including digital permits, gated-entry solutions, and parking enforcement and citation management solutions. In addition to parking, the platform’s app offers clients a digitized resource, combining taxi and transit information so that users can book a taxi, keep track of travel expenses, receive real-time transit updates, schedule and pay for taxis, and pay for public transit.
“We believe we can better serve our existing clients together, and we look forward to seeing HotSpot evolve with IBI through access to new pathways to global markets and a large client base. With a commitment to building sustainable, technologically advanced urban environments, we see many synergies with IBI Group that will support HotSpot’s continued growth across borders and throughout the public-private sectors,” said HotSpot CEO, Phillip Curley.
“HotSpot will add payment capabilities to our strong portfolio of mobility solutions in the urban space, and it complements our innovative product, CurbIQ. Together, both solutions will provide a comprehensive set of tools for the parking and curbside management needs of any city,” said IBI Group Global Director, Innovation, Deepak Darda.
HotSpot can enhance IBI’s existing traveller information solutions, which have already been deployed in South Africa, North America, and the UK. The Acquisition builds upon IBI Group’s strategic focus on increasing its recurring revenue and adds to its existing transit-oriented solutions portfolio while growing its expert professional staff.
For more information and/or to connect with IBI Group, please contact Andrea Berry at email@example.com or 1-416-556-6975.