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Metropolis Technologies, Inc. to Acquire SP Plus Corporation for $1.5 Billion

October 06, 2023

 

 

Metropolis Technologies, Inc. to Acquire SP Plus Corporation for $1.5 Billion

 

 

 

SP Plus Corporation stockholders to receive $54.00 per share in cash, representing a 52% premium to the closing stock price on October 4, 2023 and a 28% premium to the 52-week high

Combination of Metropolis Technologies, Inc. and SP Plus Corporation provides clients with additional opportunities to enhance the consumer experience and improve efficiencies

Metropolis Technologies, Inc. has secured $1.7 billion in committed financing led by Eldridge and 3L Capital, along with new investors including BDT & MSD Partners’ affiliated credit funds, Vista Credit Partners, and Temasek

 

LOS ANGELES & CHICAGO—-Metropolis Technologies, Inc. (“Metropolis”), a technology company whose computer vision platform enables checkout-free payment experiences, and SP® Plus Corporation (Nasdaq:SP) (“SP+”), a best-in-class technology and operations management provider of mobility services for aviation, commercial, hospitality, and institutional clients throughout North America and Europe, today announced that they have entered into a definitive agreement under which Metropolis will acquire SP+ for $54.00 per share in cash. This represents a premium of approximately 52% to the SP+ closing stock price on October 4, 2023 and approximately 28% to its 52-week high for an aggregate enterprise value of approximately $1.5 billion.

Metropolis develops and deploys leading-edge computer vision technology that creates a “drive in and drive out” payment experience for consumers while increasing transparency, capturing revenue and reducing costs for real estate owners. To date, Metropolis has focused on bringing this checkout-free technology to its managed parking facilities, enabling top-tier real estate owners in 40+ major U.S. metropolitan centers to capture revenue from more than five million consumers who do not have to stop to pay. Metropolis was founded in 2017 and is led by Alex Israel, Travis Kell, Peter Fisher, and Courtney Fukuda.

SP+ is a best-in-class technology and operations management provider, with a long track record of bringing together innovative solutions with superior service. SP+ has over 20,000 team members who manage approximately two million parking spaces and provide services at over 3,300 commercial locations and over 160 airports. Through its Sphere Commerce technology solutions, SP+ offers clients a compelling value proposition and the ability to implement technology upgrades that enable frictionless transactions.

Metropolis and SP+ share a vision of enhancing the consumer experience utilizing technology while improving efficiencies. With the acquisition of SP+, Metropolis will be able to bring new capabilities to North America’s leading network with operations in over 360 cities, serving millions of consumers and processing over $4 billion in payments annually. This expanded market for checkout-free payment experiences offers new opportunities for property owners and managers to capture value and reduce inefficiencies.

“Today we announced a transformational acquisition that represents both a new paradigm in how technology companies grow and a significant step forward in offering consumers a remarkable experience,” said Alex Israel, Co-founder and Chief Executive Officer of Metropolis. “SP+ is a phenomenal business whose operational excellence, talented leadership team and high customer satisfaction levels have long made it a key partner to real estate owners across North America. The combined platform will seek to bring checkout-free payment experiences to consumers.”

Israel continued, “While transforming the parking experience is our focus and priority today, as we deploy our proven technology we see opportunity to offer checkout-free transaction experiences at even more places people go. From gas and electric vehicle-charging stations to drive-thrus and car washes, as well as retail stores, our computer vision platform enables people to transact in the physical world with even greater ease than we experience online. We’re excited about the future with our new colleagues from SP+.”

“This transaction delivers immediate and certain value to our stockholders at a substantial premium to current and historical trading levels. We expect the transaction to offer an exciting path forward for our team members, partners, clients and consumers in the U.S. and abroad. While our technology offerings are successfully fulfilling client and market demand, with increased investment, we see the opportunity to accelerate the technology roadmap for the benefit of our clients and their customers,” said Marc Baumann, Chairman and Chief Executive Officer of SP+. “Combining with Metropolis will advance the pace of technology deployment, which will allow us to do more for existing clients and add new ones as we provide additional high-quality, cutting-edge client and consumer experiences.”

“Metropolis has built a thoughtful and differentiated platform that provides consumers with an efficient, frictionless experience,” said Tony Minella, Co-founder and President of Eldridge, an existing Metropolis investor that is leading the financing of the transaction. “We are excited to deepen our partnership with Alex and the rest of the Metropolis team and to support their efforts to accelerate the company’s vision, and are proud to work with a tremendous group of investors that will support the company’s growth.”

Transaction Details

Metropolis has obtained commitments for equity and debt financing totaling $1.7 billion to complete the transaction, consisting of $1.05 billion in Series C preferred stock financing and $650 million of debt financing. These financing commitments are led by Eldridge and existing Metropolis investor 3L Capital, along with new investors including BDT & MSD Partners’ affiliated credit funds, Vista Credit Partners, and Temasek. Other existing investors, Slow Ventures and Assembly Ventures, participated. Metropolis will use the net proceeds to finance the acquisition of SP+, while retaining significant capital on its balance sheet.

The transaction is expected to close in 2024, subject to receipt of required regulatory approvals and approval of SP+’s stockholders, as well as other customary closing conditions. The boards of directors of both companies have unanimously approved the transaction, and the board of directors of SP+ recommends that SP+ stockholders vote in favor of the transaction. Upon completion of the transaction, shares of SP+ common stock will no longer trade publicly. Metropolis will continue to be founder-led and founder-controlled as a private company, with participation by other equity investors.

Goldman Sachs & Co. LLC and BDT & MSD Partners, LLC are serving as financial advisors to Metropolis. Goldman Sachs & Co. LLC acted as placement agent on the Series C transaction, and Maranon Capital L.P. (an Eldridge affiliate) and Goldman Sachs & Co. LLC acted as joint lead arrangers on the debt financing. Willkie Farr & Gallagher LLP and Fenwick & West LLP are serving as legal advisors to Metropolis. Morgan Stanley & Co. LLC. is serving as financial advisor to SP+, and Skadden, Arps, Slate, Meagher & Flom LLP is serving as legal advisor to SP+. Sidley Austin LLP is serving as legal advisor to Eldridge.

About Metropolis
Metropolis is an artificial intelligence company for the real world. Metropolis’ computer vision platform enables people to transact in the physical world with even greater ease than we experience online. Today, we are reimagining parking. Because it’s important, it’s everywhere, and impacts everyone – enabling millions of consumers to just “drive in and drive out” – that’s it. Tomorrow, we will power “checkout-free” experiences anywhere you go. www.metropolis.io

About SP+
SP+ (www.spplus.com) develops and integrates industry-leading technology with best-in-class operations management and support to deliver mobility solutions that enable the efficient and time-sensitive movement of people, vehicles, and personal travel belongings. With over 20,000 team members located throughout North America and Europe, SP+ is committed to providing solutions that make every moment matter for a world on the go.

About Eldridge
Eldridge invests in businesses across the Insurance, Asset Management, Technology, Mobility, Sports & Gaming, Media & Music, Real Estate, and Consumer landscapes. The firm seeks to build and grow businesses led by proven management teams that have demonstrated leadership and experience to scale an enterprise. Eldridge is headquartered in Greenwich, Connecticut, with additional offices across the United States and in London. To learn more about Eldridge, please visit www.eldridge.com.

About 3L
3L is a private equity firm that invests in emerging growth companies. The firm backs innovative founders and management teams across the Commerce, Enterprise Software and Tech-enabled Services landscapes, with a particular emphasis on opportunities where M&A and creative financing strategies can augment strong organic growth. 3L provides management teams with the capital, perspective, and relationships needed to become category leaders. The firm is based in Los Angeles and New York City. To learn more about 3L, please visit www.3lcap.com

Use of Forward-Looking Statements
This communication includes certain “forward-looking statements” within the meaning of, and subject to the safe harbor created by, the federal securities laws, including statements related to the proposed merger of SP+ with an affiliate of Metropolis (the “Transaction”), including financial estimates and statements as to the expected timing, completion and effects of the Transaction. These forward-looking statements are based on SP+’s current expectations, estimates and projections regarding, among other things, the expected date of closing of the Transaction and the potential benefits thereof, its business and industry, management’s beliefs and certain assumptions made by SP+, all of which are subject to change. Forward-looking statements often contain words such as “expect,” “anticipate,” “intend,” “aims,” “plan,” “believe,” “could,” “seek,” “see,” “will,” “may,” “would,” “might,” “considered,” “potential,” “estimate,” “continue,” “likely,” “expect,” “target” or similar expressions or the negatives of these words or other comparable terminology that convey uncertainty of future events or outcomes. By their nature, forward-looking statements address matters that involve risks and uncertainties because they relate to events and depend upon future circumstances that may or may not occur, such as the consummation of the Transaction and the anticipated benefits thereof. These and other forward-looking statements are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements. Important risk factors that may cause such a difference include, but are not limited to: (i) the completion of the Transaction on anticipated terms and timing, including obtaining required stockholder and regulatory approvals, and the satisfaction of other conditions to the completion of the Transaction; (ii) the ability of Metropolis to obtain the necessary financing arrangements set forth in the commitment letters received in connection with the Transaction; (iii) potential litigation relating to the Transaction that could be instituted against Metropolis, SP+ or their respective directors, managers or officers, including the effects of any outcomes related thereto; (iv) the risk that disruptions from the Transaction will harm SP+’s business, including current plans and operations; (v) the ability of SP+ to retain and hire key personnel; (vi) potential adverse reactions or changes to business relationships resulting from the announcement or completion of the Transaction; (vii) continued availability of capital and financing and rating agency actions; (viii) legislative, regulatory and economic developments affecting SP+’s business; (ix) general economic and market developments and conditions; (x) potential business uncertainty, including changes to existing business relationships, during the pendency of the Transaction that could affect SP+’s financial performance; (xi) certain restrictions during the pendency of the Transaction that may impact SP+’s ability to pursue certain business opportunities or strategic transactions; (xii) unpredictability and severity of catastrophic events, including but not limited to acts of terrorism, pandemics, outbreaks of war or hostilities, as well as SP+’s response to any of the aforementioned factors; (xiii) significant transaction costs associated with the Transaction; (xiv) the possibility that the Transaction may be more expensive to complete than anticipated, including as a result of unexpected factors or events; (xv) the occurrence of any event, change or other circumstance that could give rise to the termination of the Transaction, including in circumstances requiring SP+ to pay a termination fee or other expenses; (xvi) competitive responses to the Transaction; (xvii) the risks and uncertainties pertaining to SP+’s business, including those set forth in Part I, Item 1A of SP+’s most recent Annual Report on Form 10-K and Part II, Item 1A of SP+’s subsequent Quarterly Reports on Form 10-Q, as such risk factors may be amended, supplemented or superseded from time to time by other reports filed by SP+ with the SEC; and (xviii) the risks and uncertainties that will be described in the Proxy Statement available from the sources indicated below. These risks, as well as other risks associated with the Transaction, will be more fully discussed in the Proxy Statement. While the list of factors presented here is, and the list of factors to be presented in the Proxy Statement will be, considered representative, no such list should be considered a complete statement of all potential risks and uncertainties. Unlisted factors may present significant additional obstacles to the realization of forward-looking statements. Consequences of material differences in results as compared with those anticipated in the forward-looking statements could include, among other things, business disruption, operational problems, financial loss, legal liability to third parties and similar risks, any of which could have a material impact on SP+’s financial condition, results of operations, credit rating or liquidity. These forward-looking statements speak only as of the date they are made, and SP+ does not undertake to and specifically disclaims any obligation to publicly release the results of any updates or revisions to these forward-looking statements that may be made to reflect future events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.

Important Additional Information and Where to Find it
In connection with the proposed transaction between SP+ and Metropolis, SP+ will file with the SEC a Proxy Statement, the definitive version of which will be sent or provided to SP+ stockholders. SP+ may also file other documents with the SEC regarding the proposed transaction. This document is not a substitute for the Proxy Statement or any other document which SP+ may file with the SEC. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT DOCUMENTS THAT ARE FILED OR WILL BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION AND RELATED MATTERS. Investors and security holders may obtain free copies of the Proxy Statement (when it is available) and other documents that are filed or will be filed with the SEC by SP+ through the website maintained by the SEC at www.sec.gov, SP+’s website at www.spplus.com or by contacting SP+’s Investor Relations Team at:

SP Plus Corporation, Investor Relations
200 E. Randolph Street, Suite 7700
Chicago, Illinois 60601-7702
investor_relations@spplus.com
(312) 274-2000

Participants in the Solicitation
SP+ and certain of its directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from SP+’s stockholders with respect to the proposed transaction. Information about the participants, including their ownership of SP+’s securities, is set forth in the proxy statement for SP+’s 2023 Annual Meeting of Stockholders, which was filed with the SEC on March 30, 2023 (the “Annual Meeting Proxy Statement”). To the extent holdings of securities by the participants (or the identity of such participants) have changed since the information disclosed in the Annual Meeting Proxy Statement, such information has been or will be reflected on SP+’s Statements of Change in Ownership on Forms 3 and 4 filed with the SEC. You may obtain free copies of these documents using the sources indicated above. Investors may obtain more detailed information regarding the direct and indirect interests of SP+ and its respective directors, executive officers and other employees in the transaction, which may be different than those of stockholders generally, by reading the preliminary and definitive proxy statements regarding the transaction, which will be filed with the SEC.

In addition, Metropolis and certain of its directors, executive officers and other employees may be deemed to be participants in the solicitation of proxies from SP+’s stockholders in connection with the proposed transaction. Investors may obtain more detailed information about Metropolis’s directors, executive officers and other employees by reading SP+’s preliminary and definitive proxy statements regarding the transaction, which will be filed with the SEC.

Contacts

Metropolis
FGS Global
Kerry Golds, Robin Weinberg, and Jared Levy
metropolis@fgsglobal.com

SP+
AdvisIRy Partners
David Gold
david.gold@advisiry.com
212-661-2220

Eldridge
Nadia Damouni
ndamouni@prosek.com
646-818-9217

Ampcontrol Raises $10M Series A for AI-powered EV Fleet Charging Software

July 26, 2023

Ampcontrol Raises $10M Series A for AI-powered EV Fleet Charging Software

 

 

Ampcontrol, a leading AI-powered software solution for fleet operators, today announced $10M in Series A financing to enable its next stage of growth. The round was led by The Westly Group with participation from existing investors AngelPad and Lorimer Ventures.

Fleet operators are facing critical challenges when switching from internal combustion engines to electric vehicles. Problems range from high energy costs, low charger reliability, and late departure of vehicles. Since 2019, more than 20 fleet operators across the US, Europe, Latin America, and Africa use Ampcontrol’s software to ensure on-time departures, maintain low energy costs, and reduce EV charger downtime.

Ampcontrol works with some of the largest fleet operators in the world. Customers include WattEV, First Bus, Revel, and one of the largest global commercial truck manufacturers. Customers like Revel are using Ampcontrol’s AI-powered software to save 45%+ on their monthly energy costs.

“We believe Ampcontrol’s innovative AI platform offers the tools we need to optimize and monitor our EV charge points. The company’s vision aligns closely with our goals, and we are thrilled to be working with them” said Ihor Starepravo, Head of Software of WattEV.

After years of consulting with energy companies, Ampcontrol CEO and Founder, Joachim Lohse, leveraged his knowledge of the grid and EV fleets to build software that would help fleet operators maintain a high charger uptime, plan routes, coordinate with energy tariffs, and monitor their vehicles and chargers with live data. This laser focus on electric fleets allows Ampcontrol to support fleets in a variety of industries and use cases, including transportation & logistics, transit buses, rideshare & taxi, food & beverages, and school buses.

Today, Ampcontrol’s software connects to the EV charging hardware and vehicles to make real-time decisions and provide detailed monitoring tools to fleet operators. Ampcontrol offers 24/7 hardware monitoring, OCPP charger communication, fleet management, dynamic load management, V2G integrations, alerts & notification system, and more. The software has a best-in-class uptime of 99.995%, which makes it the most reliable software system in the market for EV fleet charging. Fleet operators also benefit from Ampcontrol’s vehicle telematics integrations with partners such as Geotab.

“We are thrilled to announce the addition of The Westly Group to our team, as one of the early investors in Tesla and other electrification companies, they fully embrace our vision for Ampcontrol,” said Ampcontrol CEO and Founder Joachim Lohse. “Building a company does not come with a playbook, and there is no set formula to follow, but with support from partners like The Westly Group, AngelPad and Lorimer Ventures, we are confident in our ability to become the technology leader for electric fleets.”

“We couldn’t be more excited to support Ampcontrol’s vision to become the leading software platform for electric fleets,” said Emily Fritze, Partner at The Westly Group. “Every commercial vehicle manufacturer is moving electric and will need a new suite of tools to manage the operations and energy of their fleet. We have evaluated almost every early-stage company in this sector, and Ampcontrol has built the strongest, most reliable, and advanced charging product in the market.”

About Ampcontrol

Ampcontrol is a leading AI-powered software for electric fleets. Fleet operators use Ampcontrol to reduce EV charger downtime and reduce electric fueling costs. The software connects to the EV charging hardware and vehicle telematics to make real-time decisions and provide detailed monitoring tools to fleet operators. Benefits are on-time departures, a low peak power demand, energy cost reductions, fully charged vehicles, and more. Ampcontrol’s API-based platform allows for easy and seamless compatibility with other existing software systems. The VC-backed company has deployments in the US, Europe, LATAM and Africa.

About The Westly Group

The Westly Group is a venture fund in Menlo Park that invests in energy, mobility, industrial technology, buildings, and cybersecurity and has had nine companies go public including Tesla Motors, Luminar, and SentinelOne. The firm has over $700M AUM and 22 energy and mobility companies invested in the fund including Audi, Geotab, Bridgestone, Oshkosh, AEP, Duke Energy, Dominion Energy, and more.

 

omniQ Corp (OMQS) Announces AI Parking Solution Deployed at 3 Additional Airports

June 14, 2023

 

omniQ Corp (OMQS) Announces AI Parking Solution Deployed at 3 Additional Airports

 

 

OMNIQ Corp. (NASDAQ: OMQS) today announced that the Company is deploying its AI enhanced parking and security solution to three (3) additional airports bringing its total deployment to 60 Airports across the US.

CEO Shai Lustgarten stated “We are thrilled to announce that we have been chosen once again to implement our cutting-edge AI-based Machine Vision solution in three major airports, further expanding our reach in Michigan, Virginia, and Hawaii. With this development, our solution will now be deployed in a total of 60 airports, marking another significant milestone for our organization.”

Lustgarten continued “The increasing demand for our AI-based solution has been a driving force behind our growth in new airports. Our esteemed customers are harnessing the power of our fixed, mobile and handheld technologies to enhance accuracy, streamlining operations, and boost revenue generation. Additionally, the implementation of our seamless solution has significantly improved the overall customer experience. We take great pride in welcoming these new locations to our ever-expanding list of airports served by our company and esteemed partners. Notable airports such as JFK, EWR, PHL, ATL, MIA, DFW, CMH, KCI and LAX have already joined our network, and the addition of Michigan, Virginia and Hawaii airports further strengthens our position as a leader in the industry.”

omniQ’s Machine Vision AI based patented proprietary technology is based on a Neural Network algorithm developed by omniQ’s scientists and selected time after time to serve strategic missions for public security, increasing automation and improving quality of life in the most sensitive areas of transportation.

About OMNIQ Corp:

OMNIQ Corp. provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management, and access control applications. The technology and services provided by the Company help clients move people, assets, and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.

OMNIQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, oil, gas, and chemicals.

The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023 and the fast casual restaurant sector expected to reach $209 billion by 2027.

For more information please visit www.omniq.com.

OMNIQ’S Q SHIELD™ AI-BASED SAFE CITY SYSTEM, CONTINUES TO EXPAND IN GEORGIA ADDING AN ADDITIONAL CITY

April 11, 2023

 

OMNIQ’S Q SHIELD™ AI-BASED SAFE CITY SYSTEM, CONTINUES TO EXPAND IN GEORGIA ADDING AN ADDITIONAL CITY

 

 

 

SALT LAKE CITY, April 11, 2023  — OMNIQ Corp. (NASDAQ: OMQS) (“OMNIQ” or “the Company”), a provider of Artificial Intelligence (AI)-based solutions, today announced that the Company has been selected by the City of Lumpkin, Georgia to deploy its Q Shield vehicle recognition systems (VRS) technology and its cloud based citation management platform. This technology identifies any vehicle driving through the city which is on a National Crime Information Center (NCIC) data base or the city’s local Bureau of Investigations Database and cites violators who drive through the city with outstanding traffic violations, as well as other alerts such as unregistered and uninsured vehicles.

Shai Lustgarten, CEO commented “We are proud that our AI based Safe City product, Q-Shield is continuing to gain momentum as we announce our newest contract with the city of Lumpkin, GA. With this addition, our presence in the state of Georgia continues to grow, as we now have 9 cities contracted. As a direct result of cities recognizing the quick impact, we have on both the quality of life and the revenue potential our pipeline continues to grow. We now have a total of 18 cities in the US contracted and anticipate continued growth in Georgia, as well as additional other states across the country. Our revenue model is based on recurring revenue sharing that will have a significant impact on our profitability as we add more cities using our unique technology. With a superior product offering and a robust pipeline, we believe we are well positioned to make a significant impact on countless lives as well as developing an expanding revenue stream with higher profit margins for our clients and our company.”

Q Shield, OMNIQ’s AI-based machine vision VRS solution uses patented Neural Network algorithms that imitate human brains for pattern recognition and decision-making. More than 17,000 OMNIQ AI based machine vision sensors are installed worldwide, including approximately 7,000 in the U.S. Based on superior accuracy and patented features like identification of make and color combined with superior accuracy based on the sophisticated algorithm and machine learning that largely depends on accumulated data provided by thousands of sensors already deployed. Our AI based solution is deployed in sensitive areas in the Middle East for terror prevention as well as in South America, Florida and the Far East for crime prevention and public safety. The technology is used for traffic management, automation of parking and new verticals, such as retail shops and QSR restaurants as part of the CRM system.

About OMNIQ Corp: 

OMNIQ Corp. provides computerized and machine vision image processing solutions that use patented and proprietary AI technology to deliver data collection, real-time surveillance and monitoring for supply chain management, homeland security, public safety, traffic & parking management, and access control applications. The technology and services provided by the Company help clients move people, assets, and data safely and securely through airports, warehouses, schools, national borders, and many other applications and environments.

OMNIQ’s customers include government agencies and leading Fortune 500 companies from several sectors, including manufacturing, retail, distribution, food and beverage, transportation and logistics, healthcare, oil, gas, and chemicals.

The Company currently addresses several billion-dollar markets, including the Global Safe City market, forecast to grow to $29 billion by 2022, and the Ticketless Safe Parking market, forecast to grow to $5.2 billion by 2023 and the fast casual restaurant sector expected to reach $209 billion by 2027.

For more information please visit www.omniq.com.

Information about Forward-Looking Statements

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995. Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934.

This release contains “forward-looking statements” that include information relating to future events and future financial and operating performance. The words “anticipate”, “may,” “would,” “will,” “expect,” “estimate,” “can,” “believe,” “potential” and similar expressions and variations thereof are intended to identify forward-looking statements. Forward-looking statements should not be read as a guarantee of future performance or results and will not necessarily be accurate indications of the times at, or by, which that performance or those results will be achieved. Forward-looking statements are based on information available at the time they are made and/or management’s good faith belief as of that time with respect to future events and are subject to risks and uncertainties that could cause actual performance or results to differ materially from those expressed in or suggested by the forward-looking statements. Examples of forward-looking statements include, among others, statements made in this press release regarding the closing of the private placement and the use of proceeds received in the private placement. Important factors that could cause these differences include, but are not limited to: fluctuations in demand for the Company’s products particularly during the current health crisis, the introduction of new products, the Company’s ability to maintain customer and strategic business relationships, the impact of competitive products and pricing, growth in targeted markets, the adequacy of the Company’s liquidity and financial strength to support its growth, the Company’s ability to manage credit and debt structures from vendors, debt holders and secured lenders, the Company’s ability to successfully integrate its acquisitions, and other information that may be detailed from time-to-time in OMNIQ Corp.’s filings with the United States Securities and Exchange Commission. Examples of such forward looking statements in this release include, among others, statements regarding revenue growth, driving sales, operational and financial initiatives, cost reduction and profitability, and simplification of operations. For a more detailed description of the risk factors and uncertainties affecting OMNIQ Corp., please refer to the Company’s recent Securities and Exchange Commission filings, which are available at https://www.sec.gov. OMNIQ Corp. undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, unless otherwise required by law.

Company Contact: 
Koko Kimball
385-758-9241
kkimball@omniq.com

Sheeva.AI and Millennium Parking Garages Partner to Pilot Premium Automated Parking Experience

April 28, 2022

 

Sheeva.AI and Millennium Parking Garages Partner to Pilot Premium Automated Parking Experience

 

 

 

TYSONS CORNER, VA, and CHICAGO, IL / ACCESSWIRE / April 28, 2022 / Sheeva.AI, a leading in-car payments and connected vehicle solutions provider, announced today that it is kicking off a pilot with Millennium Parking Garages (MPG) and Civic Infrastructure Collaborative (CIC). The pilot is part of the Millennium Gateway Innovation Lab, a cross-sector effort to develop tech-enabled solutions for smart infrastructure management, integrate parking more fully into urban transportation systems. Over the coming weeks, Sheeva’s solution will be deployed to select pilot participants in Millennium Lakeside Garage in downtown Chicago to evaluate the Sheeva solution’s ability to digitally and automatically manage parking space types (e.g. accessible, EV charging, preferred locations) and identify occupancy levels. The team will test several use cases including parking reservations, garage entry, and navigation to parking spots.

The Millennium Gateway Innovation Lab is a consortium of stakeholders focused on modernizing and streamlining parking and mobility more fully into urban transportation systems. Finding and paying for parking suited to a driver’s individual needs, especially in busy urban centers, can be a frustrating hassle.

Millennium Garages is piloting options to digitize and improve the end-to-end experience for commuters, fleets, and leisure customers. The company is exploring options for a solution that easily integrates into its own systems to make the most efficient use of data and infrastructure to benefit its customers.

Sheeva’s location-based technology will provide real-time parking space availability and automated reservations for pilot participants based on their destination. Drivers will enjoy a seamless parking experience through navigation to guide them to their preferred parking location to the specific parking spot, and automatic payment based on the amount of time spent in the garage. Sheeva’s solution can activate a parking session, activate an EV charging station, send receipt of payment, and identify exactly when a driver leaves so that their space becomes available in the space management system and can be reassigned to the next driver. All these functions occur automatically based on the vehicle’s precise location and movement.

“Infrastructure needs to do and be more things to more people than ever before. Having a digital representation of a physical asset allows asset owners and operators to turn data into useful and actionable information, which results in improved experiences for customers,” said Tom McCoy, Director of Infrastructure Solutions Civic Infrastructure Collaborative. “By combining Sheeva’s innovative technologies with real world problems, we believe we can help facilitate this digital transformation. Millennium Parking Garages is a premier facility, and we’re excited to see how their forward-thinking approach changes parking in Chicago.”

Issac Riggs, COO of Millennium Parking Garages explained, “We are constantly testing emerging technologies to improve the experience our customers have in our garages. We want to simplify the parking experience, and Sheeva.AI’s technology offers promise to do that.”

“Sheeva was started as a parking-focused technology platform, and now that we have had years to hone our parking solution to effectively address all of the variables involved, we are thrilled to be able to partner with Millennium Garages to offer it to users,” said Evgeny Klochikhin, Sheeva.AI CEO. “The technology is turnkey ready to scale today. We look forward to the pilot further showcasing how Sheeva offers a simple, effective solution that everyone can use to simplify all of their vehicle-based services and payments.”

About Sheeva.AI

Sheeva.AI provides a flexible, low-cost platform that uses precise (< 2-meter accuracy) geolocation of connected vehicles – even in deep urban canyons – to enable contactless, automatic payments in the cloud.

Sheeva.AI’s platform integrates via open APIs to enable payments and automation for services like fuel, charging, toll payment, parking, curbside pick-up, and more. Unlike most Vehicle Location-Based Services (VLBS) systems, Sheeva.AI provides a low-cost and highly flexible way to enable vehicle-based payments and services extensible to existing mobile apps, in-vehicle apps, and location-based services without the need for new architecture or expensive hardware deployments. (www.Sheeva.AI)

About Millennium Garages

Millennium Garages LLC is a joint venture by infrastructure fund partners that control a long-term, exclusive concession rights and responsibilities for the 3.8 million square foot Millennium Garages system in downtown Chicago.

Learn more at www.MillenniumGarages.com.

About Civic Infrastructure Collaborative

Civic Infrastructure Collaborative drives public value from core urban infrastructure through cross-sector collaboration and technology-enabled innovation. As a nonprofit 501(c)3 organization, the Collaborative uses a proven methodology to identify, develop, deploy, and scale inclusive infrastructure solutions. We help infrastructure asset owners, operators, public officials, technology providers, and other stakeholders to deliver economic, social, and environmental returns for the communities they serve.

Learn more at www.InfrastructureForward.org.

About the Millennium Gateway Innovation Lab

The Millennium Gateway Innovation Lab envisions urban parking real estate as a gateway to other transportation modes and commerce. Launched in partnership with Millennium Garages, SP+, Arrive, the National Parking Association, the International Parking & Mobility Institute, and the City of Chicago, the lab pursues scalable solutions to expand access to public transit and other mobility options, enable smart infrastructure management, and demonstrate other value-added space uses.

Contact: Randy Brown
Phone: 215-500-2938
Email: rbrown@sheeva.ai

 

Mobile Commerce Pioneer Metropolis Acquires Best-in-Class Parking Operator Premier

March 31, 2022

Mobile Commerce Pioneer Metropolis Acquires Best-in-Class Parking Operator Premier

ParkingIntegrated Company Operates 600+ Parking Facilities

 

 

 

LOS ANGELES, Ca  – Metropolis Technologies, the developer of advanced technology for mobile commerce, today announced the acquisition of Premier Parking. The combined company will operate as Metropolis and employ nearly 2,000 staff. The merger will expand the network of Metropolis-powered facilities to more than 600 garages and lots in nearly sixty cities with more than 130,000 parking spaces.

“Wherever you’re going, and however you get there, we believe the journey should be remarkable,” said Alex Israel, co-founder and Chief Executive Officer of Metropolis Technologies. “Where some see a garage, we see infrastructure waiting to be connected that can be so much more. This partnership will dramatically expand the reach of the solutions we provide for our members, local businesses, and real estate partners.”

Los Angeles-based Metropolis’ advanced technology enables a seamless, checkout-free experience, putting an end to fumbling with credit cards and lost tickets – starting with parking. Metropolis’ technology also powers speedy, hassle-free validation for thousands of local businesses. Nashville-based Premier was an early adopter of Metropolis’ technology, which since 2021 has been deployed across most of the Premier portfolio. More than one million members are enrolled with Metropolis.

“By joining forces with Metropolis, we solidify our position at the forefront of innovation in the parking industry and together can conquer new areas of commerce,” said Ryan Hunt, previously Chief Executive Officer of Premier Parking and now Chief Operating Officer of Metropolis Technologies. “Premier

was first out of the gate to use Metropolis’ technology to turn the parking facilities of yesterday into connected mobility infrastructure. We are excited to build on that success and match our expertise to Metropolis’ best-in-class technology.”

The integrated company will operate headquarters in both Los Angeles and Nashville. The acquisition is effective immediately and deployment of Metropolis technology and branding across the network is ongoing.

Press contact for Metropolis – press@metropolis.io

 

www.metropolis.io

Derq and Parametrix Announce Strategic Partnership to Deliver Smart Technology Solutions to More Livable Communities 

January 27, 2022

 

 

Derq and Parametrix Announce Strategic Partnership to Deliver Smart Technology Solutions to More Livable Communities

 

 

 

Detroit, MI (January 27, 2022) – Derq, a Detroit- and Dubai-based artificial intelligence (AI) technology company, and Parametrix, an established planning, engineering, technology, and management consultancy company, have signed a Memorandum of Understanding (MoU) to deliver smart technology solutions for more livable communities based on Derq’s platform and Parametrix’s innovative solutions.

 

As a strategic partner, Parametrix will focus on smart and livable community solutions that leverages Derq’s technology platform. For opportunities spearheaded by Parametrix, Derq will provide support and training for its technology platform to Parametrix’s staff and clients and ensure seamless data integration with Parametrix developed solutions.

 

A key objective at Parametrix is to help communities enhance mobility, safety, and sustainability. Through our strategic partnership with Derq, we provide our clients with unique AI technologies for advanced predictive analytics, connected and autonomous vehicle (CAV), road safety, and transit applications. This partnership represents another step toward our vision for the future of transportation and the future of the profession,” said Hicham Chatila, the National Director of Smart and Livable Communities at Parametrix.

 

Derq has built an award-winning platform powered by patented AI technologies and predictive analytics, helping to eliminate crashes, save lives, and create safer and smarter roadways. Derq will provide Parametrix’s existing and new clients with its technology platform that is disrupting traditional traffic and safety analyses by generating, in real-time, cost-effectively, a full suite of traffic and safety insights that proactively address the road safety and efficiency priorities of their customers. Derq’s platform also powers connected and autonomous vehicle solutions which will benefit Parametrix’s clients who are looking to plan, design, and implement safer and smarter connected and autonomous corridors.

 

“Derq is powering the global transition to safer, more efficient and sustainable transportation. Our strategic partnership with Parametrix, who has a bold vision to plan and deploy smart city initiatives, will help us accelerate this transition.” Dr. Georges Aoude, CEO and Co-Founder of Derq, said. “Combing our award-winning real-time AI and CAV platform with Parametrix’s experience in delivering large scale infrastructure projects is a unique opportunity to achieve our societal impact at scale.”

 

About Parametrix

Consistently ranked as a best place to work, Parametrix is a 100-percent employee-owned company providing inspired solutions in engineering, planning, technology, and environmental sciences. Parametrix has been serving public and private sector clients across the United States since 1969.  The firm’s planners, engineers, and scientists are helping communities deliver inspired solutions addressing climate change, equity, social justice, mobility, and safety challenges.
About Derq

Derq is an award-winning MIT-spinoff powering the future of roads for safer and more efficient movement of road users and autonomous vehicles. Through its proprietary and patented technology, Derq provides cities and fleets with an artificial intelligence (AI) platform that powers advanced analytics and connected and autonomous vehicle (CAV) applications to help them improve road safety and better manage traffic. Derq is a Techstars Mobility alumnus, has been recognized as an industry leader by the WEF and has received a number of awards including AI Company of the Year at SXSW 2019, and Top Road Safety Innovator for Vision Zero in 2020 by Together for Safer Roads. For more information, please visit www.derq.com or contact info@derq.com.  

Derq Participates in Four Conferences to Speak on the Future of Mobility and Smart Infrastructure Technology 

November 02, 2021

 

 

 

Derq Participates in Four Conferences to Speak on the Future of 
Mobility and Smart Infrastructure Technology 

 

 

Derq to Speak on Successful Deployments and Advancements of Proprietary Technology at the Oliver Wyman Forum’s Global Mobility Executive Forum Series, Smart Mobility Conference, and CoMotion Los Angeles in November 

 

DUBAI, UAE (November 2, 2021) – Derq, a Detroit- and Dubai-based start-up, announced today they will be speaking at the Oliver Wyman Global Mobility Executive Forum Series – Mobility Infrastructure for GrowthSmart Mobility Conference in Dubai, IRF World Meeting and Exhibition, and CoMotion LA – all in the month of November 2021. Executives at Derq have been sought out by convention organizers as they have multiple, successful deployment case studies to speak on, and are a leader in artificial intelligence (AI) proprietary technology that powers safer and smarter roadways for all. 

 

Oliver Wyman Global Mobility Executive Forum Series – Tuesday, November 2 

CEO and Co-founder, Dr. Georges Aoude, will be among four other panelists to discuss how to develop infrastructure for growth. The panel will be moderated by Oliver Wyman Partner André Martins with the third edition of Urban Mobility Readiness Index presented by Alexandre Bayen, Director of UC Berkeley Institute of Transportation Studies. The panel discussion will take place at 11:30am GST on November 2 at the Dubai World Expo. For more details, visit: https://www.oliverwymanforum.com/mobility/2021/nov/mobility-infrastructure-for-growth.html  

 

Smart Mobility Conference in Dubai – Wednesday, November 3 

Dr. Aoude, will take part in a panel on day two of the convention on the topic of what the region’s roads will look like in the year 2050. Dr. Aoude will answer questions from the moderators about what the future of smart infrastructure will look like and how long it will take to integrate the technology needed to make roadways safer and autonomous ready. The panel discussion will take place at 12:00pm GST on November 3 at the Dubai World Expo. For more details, visit https://hypermotion-dubai.ae.messefrankfurt.com/dubai/en/events/smart-mobility-conference.html  

 

18th IRF World Meeting & Exhibition – November 7-10 

The IRF World Meeting & Exhibition will be taking place in Dubai this year with particular attention paid to emerging challenges when it comes to readying road infrastructure to autonomous vehicles and advanced travel demand management. Members of the Derq executive team will be presenting and also have a booth on-site during the event. Dr. Aoude will take part in a panel discussion about leveraging the power of AI to assist road agencies to produce effective heat maps of road risk. Dr. Aoude’s panel discussion will take place on Monday, November 8 at 9am GST at the Dubai World Trade Center. COO and Co-Founder, Karl Jeanbart, will give a presentation on Derq’s leading approach for “Using artificial intelligence for safer, smarter, and autonomous-ready roads”. Karl’s session will take place on Monday, November 8 at 3pm GST. For more details, visit: https://worldmeeting.irf.global/  

 

CoMotion LA – Thursday, November 18 

Taking place in Los Angeles, Dr. Aoude will be among three other panelists for a discussion on why roadways are deadlier than ever. The panel titled, “The Intersection of Smart & Safe” will discuss how new technologies such as real-time traffic monitoring and signaling, advanced data analytics and personal electric vehicles can increase safety. The panel discussion will take place at 10:30am PST on November 18 at the Japanese American National Museum in downtown Los Angeles. For more information, visit: https://comotionla.com/  

 

“At Derq, we’re dedicated to advancing the safety and mobility of roadways for all road users,” says Dr. Georges Aoude, CEO and Co-founder of Derq. “We’re excited to share our experience with successful smart infrastructure and autonomous vehicle deployments with like-minded individuals and companies also striving to build the needed road infrastructure of the future.” 

For more information about Derq, visit www.derq.com.  

 

About Derq:   

Derq is an award-winning MIT-spinoff powering the future of roads for safer and more efficient movement of road users and autonomous vehicles. Through its proprietary and patented technology, Derq provides cities and fleets with an artificial intelligence (AI) platform that powers advanced analytics and connected & autonomous vehicle (CAV) applications to help them improve road safety and better manage traffic. Derq is a Techstars Mobility alumnus, has been recognized as an industry leader by the WEF and has received a number of awards including AI company of the year at SXSW 2019, and Top Road Safety Innovator for Vision Zero in 2020 by Together for Safer Roads. For more information, please visit www.derq.com or contact info@derq.com for general inquiries and sales@derq.com for sales inquiries. 

L&T Technology Services Develops an AI Based Solution on Intel Xeon Scalable Processors and Intel Movidius VPUs

May 17, 2021

L&T Technology Services Develops an AI Based Solution on Intel Xeon Scalable Processors and Intel Movidius VPUs

 

 

 

 The parking guidance system solution is developed in collaboration with Intel

 

 

BENGALURU, India––#AI–L&T Technology Services Limited (BSE: 540115, NSE: LTTS), a leading global engineering services company, announced today that it worked with Intel Corporation to develop an outdoor smart parking solution. The solution is powered by the Intel distribution of the OpenVINO Toolkit to run AI inferencing models on Intel Xeon scalable processors and Intel Movidius VPUs. With edge AI capabilities, the solution aims to redefine the outdoor smart parking experience in public areas across the globe.

Designed for a cloud-enabled world, the solution has four key components: an operator portal that hosts user information; a mobile application for end-user interface; a digital signage module to ensure safe and secured access; and a digital camera – all connected by the AWS cloud platform. This architecture helps end users easily locate available parking spaces in outdoor parking lots.

The solution, which does not require sensors, can cover thousands of parking spots. Some of the key features include offering users a personalized experience through the app, enabling reservation of parking spots and real-time occupancy tracking, and providing parking insights via an AI-enabled surveillance for operators through augmented video analytics.

The smart parking solution can be installed in parking areas in airports, stadiums, shopping malls and office campuses.

Amit Chadha, CEO & Managing Director, L&T Technology Services, said, “Technology and engineering services have the potential to not only enable business benefits but also empower organizations to proactively enhance environmental, social and governance related pursuits. With the density of urban environments resulting in wastage of fuel that runs into the thousands of liters every day, such an intelligent solution can help overcome a myriad of issues faced by industry. Using technologies from a global technology leader like Intel, we look forward to further opportunities to introduce disruptive innovations for the larger benefit of humankind.”

LTTS’ acclaimed smart campus framework i-BEMS is a state-of-the-art building management platform that helps to redefine the future of work by enabling continuous and interconnected intelligent systems based on cutting-edge digital technologies such as IoT, Machine Learning and Predictive Asset Management.

Jonathan Wood, Senior Director, Next Generation and Standards, Intel Corporation commented, “This latest edge AI based parking innovation is a natural extension of LTTS’s product portfolio leveraging Intel technologies. Their use of Intel solutions, in the area of smart venues and buildings, further serves as a commitment to consistently introduce disruptive technologies to help Enterprise realize efficiencies from digital transformation.”

About L&T Technology Services Ltd

L&T Technology Services Limited (LTTS) is a listed subsidiary of Larsen & Toubro Limited focused on Engineering and R&D (ER&D) services. We offer consultancy, design, development and testing services across the product and process development life cycle. Our customer base includes 69 Fortune 500 companies and 53 of the world’s top ER&D companies, across industrial products, medical devices, transportation, telecom & hi-tech, and the process industries. Headquartered in India, we have over 16,400 employees spread across 17 global design centers, 28 global sales offices and 69 innovation labs as of March 31, 2021.

For more information please visit https://www.ltts.com/

Intel, the Intel logo, and other Intel marks are trademarks of Intel Corporation or its subsidiaries.

Contacts

Aniruddha Basu

L&T Technology Services Limited

E: Aniruddha.Basu@LTTS.com
T: +91-80-67675707

The City of Las Vegas teams up with leading AI solutions provider, SenSen Networks

June 23, 2020

The City of Las Vegas Set to Deploy Innovative Smart City Parking Technology
$1.5m (USD) deal will see revolutionary app-based AI tech used for traffic & parking enforcement
The City of Las Vegas has teamed up with leading AI solutions provider, SenSen Networks to introduce a range of Smart City technologies designed to keep the city’s roads safe and congestion-free.
As part of the $1.5m (USD) investment, The City of Las Vegas will introduce more than 80 Gemineye units to automatically regulate traffic, streamline parking and make commuting more enjoyable.
What is Gemineye?
Gemineye takes existing smart city technologies such as parking enforcement, sign detection, parking bay occupancy, and illegal dumping monitoring, and packs it into an AI-powered smartphone app. Turning labour intensive and expensive tasks into affordable smart city solutions.
Learn more about Gemineye and receive an information pack, below.

 

Key Benefits of Gemineye?
For forward-thinking cities looking to embrace smart city solutions, Gemineye brings an array of benefits including:
  • Cost savings: As a software platform, Gemineye enables an affordable SaaS pricing model
  • Portability: The app is pre-installed on a smartphone meaning it can be deployed on foot, bike, scooter, car or mounted in an enclosure
  • Flexibility: Gemineye can be configured to meet a range of smart city requirements from parking enforcement to illegal dumping, people counting and even social distancing enforcement

Learn more: www.sensennetworks.com/gemineye/?utm_campaign=button_link&utm_medium=&utm_source=parking_today

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