TORONTO, June 01, 2022 (GLOBE NEWSWIRE) -- Global design and technology firm, IBI Group Inc. (TSX: IBG) (“IBI” or the “Company”), announced today that it has acquired mobility solutions provider, HotSpot (the “Acquisition”). Founded in New Brunswick in 2013, HotSpot began addressing parking issues through technology and has since developed into a suite of integrated mobility solutions. Currently, the platform is in use across Canada and parts of the U.S., with more than 80 municipalities, cities and universities, and 460,000 mobile application users leveraging the platform’s mobility solutions. HotSpot’s suite of solutions will complement and bolster IBI’s traffic and transportation practice and its extensive offering of products and solutions that have been deployed globally, including CurbIQ, Travel-IQ, TRANSIT Data Suite and Smart City Platform.
“With a track record of creating complete mobility solutions, HotSpot’s proven technology in Canada and inroads into the U.S. will strengthen our market portfolio of smart city solutions and support our strategic expansion goals in the U.S.,” said IBI Group CEO, Scott Stewart. “We look forward to welcoming HotSpot’s talented staff to IBI and continuing to expand and strengthen our expertise in the mobility sector.”
HotSpot specializes in creating products for parking, transit, taxi and merchant payments. Its low infrastructure requirement aids in the rapid rollout of flexible, integrated mobility solutions and provides savings to clients and consumers. HotSpot responds to community parking needs, creating adaptable solutions, including digital permits, gated-entry solutions, and parking enforcement and citation management solutions. In addition to parking, the platform’s app offers clients a digitized resource, combining taxi and transit information so that users can book a taxi, keep track of travel expenses, receive real-time transit updates, schedule and pay for taxis, and pay for public transit.
“We believe we can better serve our existing clients together, and we look forward to seeing HotSpot evolve with IBI through access to new pathways to global markets and a large client base. With a commitment to building sustainable, technologically advanced urban environments, we see many synergies with IBI Group that will support HotSpot’s continued growth across borders and throughout the public-private sectors,” said HotSpot CEO, Phillip Curley.
“HotSpot will add payment capabilities to our strong portfolio of mobility solutions in the urban space, and it complements our innovative product, CurbIQ. Together, both solutions will provide a comprehensive set of tools for the parking and curbside management needs of any city,” said IBI Group Global Director, Innovation, Deepak Darda.
HotSpot can enhance IBI’s existing traveller information solutions, which have already been deployed in South Africa, North America, and the UK. The Acquisition builds upon IBI Group’s strategic focus on increasing its recurring revenue and adds to its existing transit-oriented solutions portfolio while growing its expert professional staff.
For more information and/or to connect with IBI Group, please contact Andrea Berry at andrea.berry@ibigroup.com or 1-416-556-6975.
Caution Regarding Forward-Looking Information
Certain statements in this news release may constitute “forward-looking” statements which involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company and its subsidiary entities, including IBI Group Partnership or the industry in which they operate, to be materially different from any future results, performance or achievements expressed or implied by such forward- looking statements. When used in this news release, such statements use words such as “may”, “will”, “expect”, “believe”, “plan” and other similar terminology. These statements reflect management’s current expectations regarding future events and operating performance and speak only as of the date of this news release. These forward-looking statements involve a number of risks and uncertainties.
These risk factors are discussed in detail under the heading “Risk Factors” in the Company’s Annual Information Form for the year ended December 31, 2021. New risk factors may arise from time to time and it is not possible for management of the Company to predict all of those risk factors or the extent to which any factor or combination of factors may cause actual results, performance or achievements of the Company to be materially different from those contained in forward-looking statements. Given these risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Although the forward-looking statements contained in this news release are based upon what management believes to be reasonable assumptions, the Company cannot assure investors that actual results will be consistent with these forward-looking statements. The Company updates these assumptions at each reporting period and adjusts its forward-looking information as necessary.
About IBI Group
IBI Group Inc. (TSX:IBG) is a technology-driven design firm with global architecture, engineering, planning, and technology expertise spanning over 60 offices and 3,400 professionals around the world. For nearly 50 years, its dedicated professionals have helped clients create livable, sustainable, and advanced urban environments. IBI Group believes that cities thrive when designed with intelligent systems, sustainable buildings, efficient infrastructure, and a human touch. Follow IBI Group on LinkedIn and Twitter.
Media Contact:
Andrea Berry
Associate Director, Global Communications
IBI Group Inc.
55 St. Clair Avenue West
Toronto, ON M4V 2Y7
1-416-556-6975
andrea.berry@ibigroup.com
Investor Contact:
Stephen Taylor, CFO
IBI Group Inc.
55 St. Clair Avenue West
Toronto, ON M4V 2Y7
1-416-596-1930
