Metropolis Technologies

Last updated
Metropolis Technologies
Industry Artificial intelligence
Parking industry
Founded2017;8 years ago (2017)
FounderAlexander Israel (CEO)
Travis Kell
Peter Fisher
Courtney Fukuda
Headquarters
Santa Monica
Number of employees
20,000+ (2024)
Subsidiaries SP Plus Corporation
Website metropolis.io

Metropolis Technologies is an American technology company headquartered in Santa Monica, California. As of 2024, it is the largest parking operator in North America. [1]

Contents

Founding and key people

The company was founded in Venice, Los Angeles in 2017 by CEO Alexander Israel, [2] with co-founders Travis Kell, Peter Fisher and Courtney Fukuda. [3] In 2009, Israel co-founded and served as chief operating officer of ParkMe, a digital parking platform with a real-time database of parking information. [4] ParkMe was acquired by traffic data company Inrix in 2015. [5]

Israel has been included on Los Angeles Business Journal's "20 In Their 20s" list, [6] and the National Parking Association's "40 Under 40" list. [7] In 2024, Ernst & Young named Israel "Entrepreneur of the Year" for Los Angeles. [8]

History

The company uses computer vision and deep learning algorithms to recognize registered members' vehicles [9] and process payments automatically through a mobile application. [10]

In 2022, Metropolis Technologies acquired the Nashville based company Premier Parking in 2022. As part of the merger, Premier CEO Ryan Hunt joined Metropolis as chief revenue officer. [11]

In 2023, the company raised $1.8 billion in funding, led by investors Eldridge and 3L, [12] before its $1.5 billion acquisition of SP Plus Corporation. [13] The deal was completed in 2024, taking SP Plus private. [14] This merger made it the largest parking operator in North America. [15]

In 2024, Metropolis Technologies Inc. allegedly illegally obtained the personal information of people who parked at its parking lots from official motor-vehicle records without their consent in violation of the Drivers Privacy Protection Act. [16] Class action lawsuits have appeared in California, Texas, and Tennessee, with the Tennessee District Attorney collecting over 247 complaints from residents. [17]

References

  1. ↑ Sichko, Adam (May 20, 2024). "Metropolis Technologies expands Nashville 'co-headquarters' after $1.5 billion purchase of SP Plus". Nashville Business Journal. Archived from the original on 2024-09-19.
  2. ↑ Mazza, Sandy. "A.I.-tech firm Metropolis acquires Nashville-based Premier Parking". The Tennessean. Retrieved 2024-11-01.
  3. ↑ "Metropolis, Eyeing Growth, Closes $1.5B Deal for Parking Company". Los Angeles Business Journal. 2024-06-17. Archived from the original on 2024-12-02. Retrieved 2024-11-01.
  4. ↑ Mitroff, Sarah. "Solving Parking Woes, One App at a Time". Wired. ISSN   1059-1028. Archived from the original on 2024-12-09. Retrieved 2025-01-27.
  5. ↑ Lunden, Ingrid (2015-09-09). "Inrix Buys ParkMe To Add Smart Parking Services To Its Real Time Traffic Data". TechCrunch. Archived from the original on 2015-09-10. Retrieved 2025-01-27.
  6. ↑ "Twenty in Their 20s: Sam Friedman and Alex Israel". Los Angeles Business Journal. 2013-05-12. Retrieved 2025-01-27.
  7. ↑ "Meet NPA's 40 Under 40 - Class of 2016 - National Parking Association". weareparking.org. Archived from the original on 2022-03-30. Retrieved 2025-01-27.
  8. ↑ "Entrepreneur Of The Year Greater Los Angeles winners and finalists". www.ey.com. Archived from the original on 2024-06-21. Retrieved 2025-01-27.
  9. ↑ Madler, Mark R. (June 27, 2022). "Metropolis Raises $167M Series B Funding". LA Business Journal . Archived from the original on 2024-12-13.
  10. ↑ "Metropolis CEO Alex Israel on Parking's Future - dot.LA". dot.la. Archived from the original on 2021-05-21. Retrieved 2024-11-01.
  11. ↑ Mazza, Sandy. "A.I.-tech firm Metropolis acquires Nashville-based Premier Parking". The Tennessean. Retrieved 2024-11-01.
  12. ↑ Wiggers, Kyle (2023-10-05). "AI-powered parking platform Metropolis raises $1.7B to acquire SP Plus". TechCrunch. Archived from the original on 2025-02-11. Retrieved 2024-11-01.
  13. ↑ "Metropolis Technologies, Inc. to Acquire SP Plus Corporation for $1.5 Billion". Los Angeles Times. 2023-10-06. Archived from the original on 2024-09-18. Retrieved 2024-11-01.
  14. ↑ Vinn, Milana (October 5, 2023). "Parking platform Metropolis agrees to buy SP Plus for $1.5 billion". Reuters . Archived from the original on 2024-12-02.
  15. ↑ Sichko, Adam (May 20, 2024). "Metropolis Technologies expands Nashville 'co-headquarters' after $1.5 billion purchase of SP Plus". Nashville Business Journal.
  16. ↑ Brown, Christopher (Aug 1, 2024). "Parking Lot Operator Hit With Privacy Lawsuit Over DMV Records". Bloomberg.
  17. ↑ Webner, Richard (Nov 28, 2024). "Firm hired to run S.A. airport's parking faces complaints, lawsuits". Express News.
This page is based on this Wikipedia article
Text is available under the CC BY-SA 4.0 license; additional terms may apply.
Images, videos and audio are available under their respective licenses.