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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

SP Plus Corporation Acquires Assets of Roker Inc., a Fully-Integrated Mobility Management Platform that Enhances Our Existing Sphere Suite of Solutions

July 26, 2023

SP Plus Corporation Acquires Assets of Roker Inc., a Fully-Integrated Mobility Management Platform that Enhances Our Existing Sphere Suite of Solutions

Key Functionality for Municipalities, Universities and Healthcare Institutions

CHICAGO — SP ^®Plus Corporation ( SP+), (Nasdaq: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, announced that it has acquired certain assets of Roker Inc. (“Roker”), a provider of fully-integrated parking solutions that simplify permit, violation and enforcement management for organizations and municipalities of all sizes. SP+ has acquired all the intellectual property of Roker as well as its client contracts and a talented support team based both in the United States and Canada.

Chris Sherman, President of the Commercial Division at SP+ , commented, “We see robust demand for a comprehensive mobility solution from municipal clients focused on leveraging smart city applications and from healthcare and university clients looking to digitize the complex permitting requirements that are common on their campuses. Roker has built a hardware-agnostic platform that simplifies what can otherwise be a very complex process for permit and enforcement management for organizations both large and small. The acquisition of Roker’s platform accelerates the go-to-market for these solutions and strengthens our overall Sphere offerings to these verticals. We believe we can capitalize on expanded opportunities with this enhancement of the Sphere suite of services as we leverage our existing client relationships and further expand our capability in these markets.”

Sachin Bedi, Co-founder and CEO of Roker, said, “Our mission at Roker has always been to simplify parking and permit management through our next generation cloud-based SaaS platform. By joining forces with SP+ we have an edge to combine our innovative technology with their extensive resources and market presence. The team at Roker is excited to embark on this promising journey to deliver exceptional parking solutions to a growing customer base and join a company that is revolutionizing the parking industry.”

Jeff Eckerling, Chief Growth Officer of SP+ , concluded, “We are excited to welcome Roker’s team to our organization. We have now completed three technology acquisitions within the last twelve months that we believe demonstrate our commitment to leading the digital transformation of our industry and further strengthen our position as a global provider of frictionless, SaaS solutions that expand our addressable market and enable us to accelerate growth.”

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. For more information, visit www.spplus.com.

About Roker
Roker delivers technology solutions aimed at urban space management inclusive of parking and enforcement. Roker works with mid to large parking asset owners like municipalities, healthcare and universities and helps them solve their challenges around parking via digital permitting, parking enforcement, mobile pay parking, citation lifecycle and parking payments solutions that help parking managers and owners increase revenue and drive operational efficiencies.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these statements by using words such as “expect”, “anticipate”, “believe”, “confident”, “could”, “should”, “estimate”, “intend”, “may”, “plan”, “guidance”, “pathway”, “will”, and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. These forward-looking statements are made based on management’s expectations and beliefs concerning future events affecting the Company and are subject to uncertainties and factors relating to operations and the business environment. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the Company’s ability to successfully effect its strategic growth plan; intense competition; changing consumer preferences and legislation; ability to preserve client relationships; difficulty obtaining insurance coverage or obtaining insurance coverage at a reasonable cost; volatility associated with high deductible and high retention insurance programs; risk that insurance reserves are inadequate; losses not covered by insurance; risks relating to the Company’s acquisition strategy and ability to successfully integrate such acquisitions; information technology disruption, cyber-attacks, cyber-terrorism and security breaches; risk management and safety programs do not have the intended effect; risks associated with management type contracts and lease type contracts; deterioration in general economic and business conditions, including inflation or rising interest rates, or changes in demographic trends; labor disputes; catastrophic events such as natural disasters, pandemic outbreaks and military or terrorist attacks could disrupt business; risks associated with operations outside of North America; risk that state and municipal government clients sell or enter into long-term lease type contracts with the Company’s competitors or clients for parking-related assets; risks associated with joint ventures; adverse litigation judgments or settlements; risks associated with operating in a highly regulated environment and the impact of public and private regulations or governmental orders; the impact of Federal health care reform; adverse changes in tax laws or rulings; goodwill impairment charges or impairment of long-lived assets; risks due to the Company’s substantial indebtedness, including failure to comply with credit facility covenants or meet payment obligations which may accelerate repayment of the Company’s indebtedness; lack of availability of adequate capital, financing, or revenues to grow the Company’s business or satisfy liquidity needs; financial difficulties or bankruptcy of major clients; the Company’s ability to obtain performance bonds; failure to attract and retain senior management and other qualified personnel; the long-term impact of climate change on our business; and actions of activist investors.

For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

Contact:
Connie Jin
SVP, Corporate Development
(312) 274-2105
cjin@spplus.com

Vicky Nakhla
ADVISIRY PARTNERS
(212) 750-5800
vicky.nakhla@advisiry.com

SP Plus Corporation Acquires Assets of DIVRT, Inc., an Innovator in Frictionless Parking Technology

November 11, 2022

SP Plus Corporation Acquires Assets of DIVRT, Inc., an Innovator in Frictionless Parking Technology

— Creates Technology Innovation Lab, Based in India, to Accelerate Technology Capabilities and Expand Menu of Technology Offerings —

CHICAGO, Nov. 10, 2022 — SP Plus Corporation (Nasdaq:SP), a leading provider of technology-driven mobility solutions for aviation, commercial, hospitality and institutional clients, announced that it has acquired certain assets of DIVRT, Inc.(“DIVRT”), a developer of innovative software and technology solutions that enable frictionless parking capabilities. SP+ has acquired all the intellectual property of DIVRT and a talented team of over 20 technology engineers based in India.

Marc Baumann, Chairman and Chief Executive Officer of SP+, commented, “This acquisition, coupled with our recent acquisition of KMP Associates Limited and its U.K.-based technology team, strengthens our position as a global provider of frictionless, SaaS solutions that are independent of our legacy parking management and transportation related operations. These transactions demonstrate the successful execution of our strategy to make acquisitions that we believe further enhance and complement our technological capabilities, expand our addressable market and help us accelerate growth.”

Jeffrey Eckerling, Chief Growth Officer of SP+, said, “We have been working with DIVRT since 2020, and they are a valuable partner. As we continue to expand our suite of Sphere technology solutions, we are excited to be able to welcome the DIVRT team of seasoned technology engineers, who will serve as the foundation of our new technology innovation lab based in Bengaluru, India. The creation of the technology lab enables us to accelerate our development efforts to bring innovative solutions that we believe will help us further differentiate ourselves from our competitors.”

Amit Rohatgi, founder and CEO of DIVRT, commented, “The entire DIVRT team is thrilled to join the company that’s leading the digital transformation of the parking industry. We’re excited to accelerate the adoption of frictionless technologies as we continue to develop innovative solutions for current and prospective clients.”

About SP+

SP+ facilitates the efficient movement of people, vehicles and personal belongings with the goal of enhancing the consumer experience while improving bottom line results for our clients. The Company provides professional parking management, ground transportation, remote baggage check-in and handling, facility maintenance, security, event logistics, and other technology-driven mobility solutions to aviation, commercial, hospitality, healthcare and government clients across North America and Europe. For more information visit www.spplus.com.

About DIVRT

DIVRT is a software, cloud and IOT technology company delivering parking management solutions. The company provides a range of proven and deployed cloud-based products for digitizing gated and gateless parking environments with contactless check-in/check-out, mobile payments, enforcement, and advanced live dashboards with rich reporting.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these statements by using words such as “expect”, “anticipate”, “believe”, “confident”, “could”, “should”, “estimate”, “intend”, “may”, “plan”, “guidance”, “will”, and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. These forward-looking statements are made based on management’s expectations and beliefs concerning future events affecting the Company and are subject to uncertainties and factors relating to operations and the business environment. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the impact of the COVID-19 pandemic or other contagious illnesses on global economic conditions, on the aviation, commercial, hospitality and institutional industries in general and on the financial position and operating results of our company in particular; intense competition; changing consumer preferences and legislation; ability to preserve client relationships; the Company’s ability to successfully effect its strategic growth plan; difficulty obtaining insurance coverage or obtaining insurance coverage at a reasonable cost; volatility associated with high deductible and high retention insurance programs; risk that insurance reserves are inadequate; losses not covered by insurance; risk management and safety programs do not have the intended effect; risks relating to the Company’s acquisition strategy; risks associated with management type contracts and lease type contracts; deterioration in general economic and business conditions, including inflation or rising interest rates, or changes in demographic trends; information technology disruption, cyber-attacks, cyber-terrorism and security breaches; labor disputes; catastrophic events such as natural disasters, pandemic outbreaks and military or terrorist attacks could disrupt business; seasonal fluctuations and the impact of weather-related trends; risk that state and municipal government clients sell or enter into long-term lease type contracts with the Company’s competitors or clients for parking-related assets; risks associated with joint ventures; adverse litigation judgments or settlements; risks associated with operating in a highly regulated environment and the impact of public and private regulations or governmental orders; the impact of Federal health care reform; adverse changes in tax laws or rulings; risks due to the Company’s substantial indebtedness, including failure to comply with credit facility covenants or meet payment obligations which may accelerate repayment of the Company’s indebtedness; lack of availability of adequate capital, financing, or revenues to grow the Company’s business or satisfy liquidity needs; goodwill impairment charges or impairment of long-lived assets; the effectiveness of the actions we have taken to address our liquidity needs and reduce costs; financial difficulties or bankruptcy of major clients; the Company’s ability to obtain performance bonds; failure to attract and retain senior management and other qualified personnel; actions of activist investors; and the long-term impact of climate change on our business.

Contact:
Connie Jin
SVP, Corporate Development
(312) 274-2105
cjin@spplus.com

Vicky Nakhla
ADVISIRY PARTNERS
(212) 750-5800
vicky.nakhla@advisiry.com

SP+ Corporation Brings Sphere Technology to Parking in the City of Roanoke

October 28, 2022

SP+ Corporation Brings Sphere Technology to Parking in the City of Roanoke

CHICAGO, Oct. 27, 2022 — SP Plus Corporation (SP+), (Nasdaq: SP), a leading provider of technology-driven mobility solutions for aviation, commercial, hospitality and institutional clients throughout North America, announced its selection by the City of Roanoke, Virginia, to upgrade its parking operations with new technologies and services designed to make garage, surface lot and on-street parking easier for residents and visitors.

With a long history of bringing innovative parking and transportation solutions to major cities and real estate clients, SP+ plans to introduce its Sphere® suite of technologies to create a conveniently streamlined experience for Roanoke parking customers. The Sphere technology products chosen for the City include custom solutions with data-rich analytics designed to optimize operations and manage short- and long-term objectives.

The tech-based enhancements managed by SP+ are scheduled to start December 1, 2022, and will cover more than 4,500 city-owned parking spaces located across seven garages, four lots and on-street spaces.

“From finding and reserving a parking spot to quickly paying via text or with a mobile app, residents and visitors will benefit from the user-friendly options that will be available as part of the enhanced technology solutions SP+ brings to parking in Roanoke,” said Bob Kamper, Vice President, Municipal Services for SP+.

In addition to taking over parking enforcement and permitting, SP+ is adding its online reservation system, text-to-pay option, and Sphere Remote™ management services to create a seamless experience for all parkers. Frequent patrons will also benefit from a new proprietary digital portal to access their monthly parking accounts managed by SP+.

Whether driving-up or reserving a space online, parking customers can use the text-to-pay option or download the Parking.com mobile app or other parking apps to easily process payments.

“It’s all about flexibility and value. We are grateful for the opportunity to help the City of Roanoke build a parking program that fits their objectives and serves the people and businesses of this great City,” said Justin Rogers, Vice President, Commercial Division for SP+.

SP+ facilitates the efficient movement of people, vehicles and personal belongings with the goal of enhancing the consumer experience while improving bottom line results for our clients. The Company provides technology-driven mobility solutions, professional parking management, ground transportation, remote baggage check-in and handling, facility maintenance, security, and event logistics to aviation, commercial, hospitality, healthcare and government clients across North America. For more information, visit www.spplus.com.

CONTACT:	Jill Nagel, Senior Communications Manager
	jnagel@spplus.com \| 312-274-2102

SP Plus Corporation Acquires K M P Associates Limited, Including its Global E- Commerce Platform AeroParker

October 11, 2022

SP Plus Corporation Acquires K M P Associates Limited, Including its Global E- Commerce Platform AeroParker

— Acquisition Broadens Technology Capabilities and Expands Addressable Market —

CHICAGO, October 11, 2022 – SP Plus Corporation (Nasdaq:SP), a leading provider of technology-driven mobility solutions for aviation, commercial, hospitality and institutional clients throughout North America, today announced that it acquired K M P Associates Limited, “KMP”, a software and technology provider serving aviation and commercial parking clients throughout the United States and Europe.

Headquartered outside Manchester, United Kingdom, KMP’s industry-leading SaaS platform is currently deployed at over 35 airports in the U.S. and Europe and over 100 commercial parking locations in Europe. Operating under the AeroParker and MetroParker brands, KMP delivers online booking for parking and other travel services, dynamic pricing, and e-commerce capabilities which are designed to reduce congestion, enable frictionless transactions and provide a first-class consumer experience. In addition, KMP also provides comprehensive digital marketing capabilities through its award-winning digital marketing agency, KMP Digitata.

Commenting on the transaction, Marc Baumann, Chairman and Chief Executive Officer of SP+, noted, “The acquisition of KMP is aligned with our strategy of complementing organic growth with acquisitions that further strengthen our industry-leading technology capabilities, particularly in those areas that support digital transactions and the development of smart cities. Through this combination, we have the opportunity to leverage our respective relationships and expertise to bring innovative technology solutions to airports and commercial parking operations both within and outside of North America. In addition to expanding our addressable market, the acquisition of KMP has the potential to serve as a growth platform for us, advancing the digital transformation of our industry.”

Rhodri Edwards, President of KMP, said, “With the support of SP+, we will have the ability to accelerate our growth to meet the rapidly expanding demand for our services. Given the complementary nature of our solutions and services, we envision significant opportunities to bring additional value to our clients. Importantly, this is an excellent cultural fit for us, given our compelling value propositions and mutual commitment to superior client service and to the well-being of our talent.”

Jeffrey Eckerling, Chief Growth Officer of SP+, said, “We are pleased to welcome Rhodri and his team of talented software developers and revenue management and digital marketing professionals to SP+. The addition of KMP’s SaaS platform further enhances and complements our existing Sphere suite of technology solutions, which provide our clients with flexible options to meet their mobility needs and optimize their parking assets, through technology-only solutions or a combination of technology and people.”

About SP+

SP+ facilitates the efficient movement of people, vehicles and personal belongings with the goal of enhancing the consumer experience while improving bottom line results for our clients. The Company provides professional parking management, ground transportation, remote baggage check-in and handling, facility maintenance, security, event logistics, and other technology-driven mobility solutions to aviation, commercial, hospitality, healthcare and government clients across North America. For more information visit www.spplus.com.

About KMP

KMP is a market leading technology and digital marketing company providing services via the following three brands:

 AeroParker is a SaaS ecommerce platform that increases non-aeronautical revenues for multiple major US and European airports through prebooked parking, revenue management and sales of other products such as access to airport lounges.

 MetroParker enables downtown parking operators to unleash profit from their parking assets by enabling prebooking of spaces with dynamic pricing.

 KMP Digitata delivers digital marketing strategies, campaigns, and digital systems for travel, manufacturing, professional and financial services. This includes its own product, Hangar, a digital platform for airports that provides significant ROI by commercializing the passenger’s digital journey across multiple channels.

For further information see: www.aeroparker.com, www.metroparker.com, hangar.kmp.co.uk, www.kmp.co.uk Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations, beliefs, plans, intentions and strategies of the Company. The Company has tried to identify these statements by using words such as “expect”, “anticipate”, “believe”, “confident”, “could”, “should”, “estimate”, “intend”, “may”, “plan”, “guidance”, “will”, and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. These forward-looking statements are made based on management’s expectations and beliefs concerning future events affecting the Company and are subject to uncertainties and factors relating to operations and the business environment. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the impact of the COVID-19 pandemic or other contagious illnesses on global economic conditions, on the aviation, commercial, hospitality and institutional industries in general and on the financial position and operating results of our company in particular; intense competition; changing consumer preferences and legislation; ability to preserve client relationships; the Company’s ability to successfully effect its strategic growth plan; difficulty obtaining insurance coverage or obtaining insurance coverage at a reasonable cost; volatility associated with high deductible and high retention insurance programs; risk that insurance reserves are inadequate; losses not covered by insurance; risk management and safety programs do not have the intended effect; risks relating to the Company’s acquisition strategy; risks associated with management type contracts and lease type contracts; deterioration in general economic and business conditions, including inflation or rising interest rates, or changes in demographic trends; information technology disruption, cyber-attacks, cyber-terrorism and security breaches; labor disputes; catastrophic events such as natural disasters, pandemic outbreaks and military or terrorist attacks could disrupt business; seasonal fluctuations and the impact of weather-related trends; risk that state and municipal government clients sell or enter into long-term lease type contracts with the Company’s competitors or clients for parking-related assets; risks associated with joint ventures; adverse litigation judgments or settlements; risks associated with operating in a highly regulated environment and the impact of public and private regulations or governmental orders; the impact of Federal health care reform; adverse changes in tax laws or rulings; risks due to the Company’s substantial indebtedness, including failure to comply with credit facility covenants or meet payment obligations which may accelerate repayment of the Company’s indebtedness; lack of availability of adequate capital,

financing, or revenues to grow the Company’s business or satisfy liquidity needs; goodwill impairment charges or impairment of long-lived assets; the effectiveness of the actions we have taken to address our liquidity needs and reduce costs; financial difficulties or bankruptcy of major clients; the Company’s ability to obtain performance bonds; failure to attract and retain senior management and other qualified personnel; actions of activist investors; and the long-term impact of climate change on our business.

City of Rochester, Minnesota, Selects SP Plus Corporation to Bring Technology-Based Solutions to Parking Operations

May 02, 2022

City of Rochester, Minnesota, Selects SP Plus Corporation to Bring Technology-Based Solutions to Parking Operations

Under the agreement with the City, SP+ now manages more than 4,300 parking spaces located within six public parking ramp facilities and five surface lots, which includes special event management services during convention center events. SP+ also provides on-street meter collection services.

“SP+ identified technology-based solutions with mobile apps, updated website and a response command center that would provide lower labor costs, increased customer service levels and opportunities to improve revenue,” said Ia Xiong, Transit & Parking Manager for the City of Rochester.

In addition to the website development, mobile parking apps and remote management options that SP+ presented to the City, they also bring the company’s own Sphere™ technology suite that offers on-demand reservation and payment options and other touchless services that appeal to residents, employees and visitors.

“Rochester is an exceptional community and we are excited for the opportunity to work with the City to bring our mobility expertise and new technology to its residents and visitors,” said Chris Tretter, Senior Vice President of Midwest Operations for SP+.

CONTACT:
Jill Nagel, Senior Communications Manager
jnagel@spplus.com | 312-274-2102

SP Plus Corporation Appoints Chief Strategy Officer & Chief Business Development Officer for its Commercial Division

March 01, 2022

SP Plus Corporation Appoints Chief Strategy Officer & Chief Business Development Officer for its Commercial Division

CHICAGO — SP Plus Corporation (SP+), (Nasdaq: SP), a leading provider of technology-driven mobility solutions for aviation, commercial, hospitality and institutional clients throughout North America, announced two key leadership appointments within its Commercial Division. Chris Sherman and Dave Lombardi have been promoted to strategy and business development roles. In their new roles, Mr. Sherman and Mr. Lombardi are responsible for leveraging the company’s Sphere™ technology products and its mobility, parking and transportation service lines to serve new and existing clients. The Sphere products provide innovative mobility solutions for commerce, business intelligence, remote management, and custom services.

“The demand for our technology products has put us in a great position to elevate some of our senior leaders and tap into their specific talents to strengthen our business practices and connect clients with the mobility services that best fit their objectives,” said Rob Toy, President of the Commercial Division at SP+.

Chris Sherman has been promoted to Chief Strategy Officer for SP+’s Commercial Division. Mr. Sherman joined the company in 2001, as an Operations Manager in Baltimore. Over the past two decades, he held various roles with increasing responsibility. Most recently, he served as Senior Vice President, East Operations.

In his new role, Mr. Sherman is charged with advancing SP+’s growth strategy and leading the efforts to optimize the delivery of technology products and mobility services to commercial clients. That strategy includes helping clients transition to digital platforms and technology upgrades that are part of SP+’s Sphere technologies.

“Chris’ extensive experience with local management teams and employee engagement paired with his in-depth understanding of technology gives him the insight to help clients leverage the right mobility solutions to fit their facilities,” commented Mr. Toy.

Mr. Sherman will also oversee support functions within SP+’s Commercial Division, including the consulting, transportation and event teams—with the goal of delivering a frictionless experience for parking and transportation customers—while optimizing operations at event venues, universities, hospitality, municipal, office, residential and retail facilities.

Dave Lombardi has been promoted to Chief Business Development Officer for SP+’s Commercial Division. Mr. Lombardi joined the company in 1993 as a Manager in Chicago, and went on to serve in a variety of roles with increased responsibility, including his most recent role as Senior Vice President, Mountain Operations.

“Dave is an exceptional leader who is keenly focused on maximizing results, building relationships and delivering impeccable service across our operations,” added Mr. Toy.

In his new role, Mr. Lombardi is primarily dedicated to business development efforts and will directly oversee the national accounts and proposal support teams for SP+’s Commercial Division, as well as municipal services, university and healthcare markets.

“We are enthusiastic about these new roles and have full confidence the next level of leaders in our organization who are transitioning into the senior operations roles previously held by Chris and Dave, who will both continue to work closely with those teams,” Mr. Toy added.

SP+ facilitates the efficient movement of people, vehicles and personal belongings with the goal of enhancing the consumer experience while improving bottom line results for their clients. The Company provides professional parking management, ground transportation, remote baggage check-in and handling, facility maintenance, security, event logistics, and other technology-driven mobility solutions to aviation, commercial, hospitality, healthcare and government clients across North America. For more information, visit www.spplus.com.

SP Plus Corporation Adds Touchless Mobility, Parking & Commerce Services at Charles M. Schulz – Sonoma County Airport

May 27, 2021

SP Plus Corporation Adds Touchless Mobility, Parking & Commerce Services at Charles M. Schulz – Sonoma County Airport

CHICAGO — SP Plus Corporation (SP+), (Nasdaq: SP), a leading provider of technology-driven mobility solutions for aviation, commercial, hospitality and institutional clients throughout North America, announced the addition of touchless reservation and commerce options to its services at Charles M. Schulz – Sonoma County Airport (STS) in Santa Rosa, California.

SP+ manages the three parking facilities located near the airport terminal and is rolling out key components to the overall improvement and modernization plan by STS to provide an enhanced, safer and touchless parking experience. Through Sphere™, SP+’s industry-leading suite of technology solutions, a new pay-by-phone option conveniently removes the need to obtain and redeem a parking ticket at long term lots A and B.

Each entry and exit lane has signage to instruct parkers on how to use the pay-by-phone option, along with a Sphere Remote Management System intercom to provide in-lane, 24/7 support from a centrally-located command center.

“It’s exciting to see the new parking commerce system and the other plans we have with SP+ to come to fruition as part of our overall commitment to safely and efficiently transport our travellers from the beginning to the end of their trip,” commented Jon Stout, Airport Manager for STS.

The pay-by-phone option complements the airport’s new touchless reservation system, which allows customers to pre-book and pay for their parking stay on sonomacountyairport.org/parking with the ability to reserve a space close to the terminal. To encourage visitors to explore everything the Charles M. Schulz – Sonoma County Airport has to offer, parking customers who pre-book a spot via the new reservation system may receive valuable discounts to onsite restaurants or other promotions.

SP+ is also helping the airport build a commerce site for purchasing popular branded merchandise, which has traditionally only been available for in-store purchases. An online commerce site is expected to launch later this year.

“SP+ is able to offer STS a full suite of technologies to help them fulfil their modernization plan and meet the new demands of today’s travellers,” said Jason Finch, Senior Vice President, West Airports for SP+.

SP+ facilitates the efficient movement of people, vehicles and personal belongings with the goal of enhancing the consumer experience while improving bottom line results for their clients. SP+ provides professional parking management, ground transportation, remote baggage check-in and handling, facility maintenance, security, event logistics, and other technology-driven mobility solutions to aviation, commercial, hospitality, healthcare and government clients across North America. For more information, visit www.spplus.com.

SP Plus Corporation Delivers Sphere Commerce™ On Demand Technology in Response to High Demand for Touchless, Frictionless Parking & Mobility Services

April 26, 2021

SP Plus Corporation Delivers Sphere Commerce™ On Demand Technology in Response to High Demand for Touchless, Frictionless Parking & Mobility Services

CHICAGO, April 26, 2021 — SP Plus Corporation (SP+), (Nasdaq: SP), a leading provider of technology-driven mobility solutions for aviation, commercial, hospitality and institutional clients throughout North America, announced the successful implementation of its Sphere Commerce™ On Demand technology to help gateless parking facilities transition to offering touchless, flexible payment options.

SP+ introduced Sphere Commerce™ On Demand as one of its flagship products marketed under the company’s Sphere™ technology brand which launched in 2020. To date, nearly 400 gateless parking facilities across the United States and Canada have already started the transition to Sphere Commerce™ On Demand, which was designed to allow daily parkers the option to bypass a pay station, parking equipment or personnel to pay quickly and securely with their own smartphone or device.

“Touchless and frictionless payment options are in high demand from consumers and our clients who rely on us for mobility, transportation and parking services. The Sphere™ technology suite is designed to not only meet today’s needs, but to adapt to future needs of our ever-changing industry, changing consumer behaviours in mobility and ultimately digital trends,” said Jeff Eckerling, Chief Growth Officer at SP+.

Parking locations using Sphere Commerce™ On Demand technology by SP+ are set up to process payments via Parking.com, SP+’s consumer sales platform. The company’s in-house digital information and product technology teams built and deployed Parking.com applications using Amazon Web Services (AWS) and its comprehensive set of cloud capabilities. AWS’ global infrastructure offers proven reliability, scalability, and availability to meet the dynamic needs of a multi-faceted industry and fluctuating market demands.

“SP+ recognized a growing demand for touchless services and by building on AWS they were able to quickly roll out a solution to meet that demand. SP+’s deployment of its Sphere™ brand of technologies represents an effective use of AWS to incorporate data analytics and business intelligence with reliable functionality and security features—presented as a world-class, industry-leading customer experience,” commented David Peller, Managing Director, Travel Hospitality at Amazon Web Services. “It’s what’s next for the touchless customer experience.”

Customers have multiple payment choices via mobile apps, including Apple or Android or simply paying by text, scan, QR code or through the Parking.com website option. Parkers also have the option to create an account to expedite subsequent transactions by capturing and storing payment and license plate information.

Locations using Sphere Commerce™ On Demand are supported by a comprehensive signage package to guide customers through the touchless, user-friendly payment process. Signage features information needed to easily complete a transaction, including zone numbers, codes to scan, text numbers and more.

Plus, the system interacts seamlessly with other Sphere™ technology products, including automated enforcement via license plate recognition.

“The Sphere Commerce™ On Demand platform offers the flexibility that consumers need in order to choose how they pay, while allowing our clients to optimize their revenue potential without adding expensive parking equipment or operational costs,” added Eckerling.

SP+ facilitates the efficient movement of people, vehicles and personal belongings with the goal of enhancing the consumer experience while improving bottom line results for its clients. SP+ provides professional parking management, ground transportation, remote baggage check-in and handling, facility maintenance, security, event logistics, and other technology-driven mobility solutions to aviation, commercial, hospitality, healthcare and government clients across North America. For more information, visit www.spplus.com.

SP+ Valet Adds “Check ‘N Fly™” Baggage Check-In at William P. Hobby Airport

November 20, 2020

SP+ Valet Adds “Check ‘N Fly™” Baggage Check-In at William P. Hobby Airport

CHICAGO — SP Plus Corporation (SP+), (Nasdaq: SP), a leading provider of technology-driven mobility solutions for aviation, commercial, hospitality and institutional clients throughout North America, today announced the addition of Check ‘N Fly™ baggage check-in services exclusively for valet parking customers who are traveling on domestic flights with American Airlines or Delta Air Lines at William P. Hobby Airport (HOU) in Houston, Texas.

Valet parking customers at Hobby Airport now enjoy the option to check their luggage, check in for their flight and obtain their boarding pass—with one-stop at the valet stand. This valuable service by SP+ valet attendants allows customers to save time, bypass the airline ticket counters, maintain social distancing and proceed directly to TSA screening without having to stand in line to check their luggage. The service is complimentary to valet parking customers. Associated airline luggage fees will be collected from the customer with a major credit card at the valet stand.

“We’re excited to add the Check ‘N Fly baggage check-in service at Hobby Airport’s valet parking location,” Houston Airports Parking Director Walt Gray said. “It will give travelers an extra level of convenience with more time to enjoy their experience from the start of their trip.”

Hobby Airport is starting the new service with two airlines, American and Delta. Check ‘N Fly is operated by SP+, which offers its airline and baggage check-in capabilities at some of the other airport operations across the country where SP+ provides valet parking. Check ‘N Fly is managed through Sphere Express™, which is the aviation/hospitality-specific travel solution launched under its new suite of technologies named Sphere™, Technology by SP+. Today, SP+ manages the parking operations and transportation services for the Houston Airport Systems, which includes Hobby Airport and George Bush International Airport (IAH).

“Adding Check ‘N Fly at Hobby Airport allows our team to greet passengers with a timesaving service that expedites the entire check-in process and makes travel easier—which ultimately gives them a higher level of satisfaction with their overall experience at the airport,” added Darren Barton, Senior Vice President, Bags Airport Division at SP+.

SP+ facilitates the efficient movement of people, vehicles and personal belongings with the goal of enhancing the consumer experience while improving bottom line results for our clients. The Company provides professional parking management, ground transportation, remote baggage check-in and handling, facility maintenance, security, event logistics, and other technology-driven mobility solutions to aviation, commercial, hospitality, healthcare and government clients across North America. For more information, visit www.spplus.com.

Houston Airports is the City of Houston’s Department of Aviation. Comprised of George Bush Intercontinental Airport (IAH), William P. Hobby Airport (HOU) and Ellington Airport (EFD) / Houston Spaceport, Houston Airports served nearly 60 million passengers in 2019. Houston Airports forms one of North America’s largest public airport systems and positions Houston as the international passenger and cargo gateway to the South Central United States and as a primary gateway to Latin America. Houston is proud to be the only city in the Western Hemisphere with two Skytrax rated 4-star airports. fly2houston.com

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