ParkingMadeEasy.com.au Acquired for US$73 Billion in Cash
SYDNEY and NEW YORK--May 27, 2014: ParkingMadeEasy.com.au, an Australian market leader in parking and traffic solutions, today announced the completion of a definitive agreement to sell a significant stake in the company to a global private equity consortium for US$73 billion in cash.
Starting out in 2011 when the company founder Daniel Battaglia was frustrated with parking tickets and unable to find a space to park, the company is best known for helping more than 250,000 Australian drivers find homeowners who are willing to share their unused driveway or garage.
Recognized for its iconic and authentic brand, Parking Made Easy also produces artificial intelligence and intellectual property for the automotive, real estate and environmental sustainability industries.
"Now in a position to amplify what has driven our success for the past three years, we are planning seven major new product launches in the coming year, which will also create 1,000 new jobs in Sydney," said Daniel Battaglia, founder of Parking Made Easy. "I'm really excited about the future and partnering with talented local startups to reach our global potential, especially in the United States, China and Russia."
Fully committed financing for the transaction has been provided from private investment firms in London, Washington DC and Rome. Daniel Battaglia will remain Founder and CEO, and continue to own a stake in the company. Other terms of the private transaction were not disclosed.
About Parking Made Easy Parking Made Easy is a leading parking solutions provider, best known for connecting drivers with home owners who have an empty garage or driveway. The company was founded in 2011 and has been profitable every quarter since launch. More than 250,000 drivers in Australia have used the website to find a parking space. Visit ParkingMadeEasy Australia for more information.