- Uber did not disclose the financial terms of the transaction.
- The transaction is expected to close in the first half of 2026, subject to the receipt of necessary regulatory approval.
- SpotHero and Uber rival Lyft partnered in 2022 to integrate SpotHero's parking reservation tech into the Lyft app but the partnership ended in a few months.
Ride-hailing platform Uber Technologies (UBER) said on Monday that it is acquiring parking app SpotHero for an undisclosed amount.
The acquisition is aimed at bringing parking reservations onto the Uber app powered by SpotHero, the company said. The focus will be on parking for commuters, as well as at events, venues, and airports. Uber One members can also expect parking benefits as part of membership in due time, the company said.
“We’ve built Uber around giving people more ways to get around without needing a car. But for the moments when people do choose to drive, SpotHero on the Uber app will make the experience easier than ever, and bring more people into the Uber ecosystem,” said Uber CEO Dara Khosrowshahi.
The transaction is expected to close in the first half of 2026, subject to the receipt of necessary regulatory approval.
About SpotHero
SpotHero allows drivers the option to search and compare prices at thousands of parking facilities across North America, including near airports. It was launched in 2011 and has access to more than 13,000 garages, lots, and valets.
The company, which originated in Chicago, has access to parking in over 400 cities in the U.S. and Canada. SpotHero makes money primarily through a commission model, taking a percentage from parking operators for each booking made via their app, plus potential small fees per transaction.
SpotHero And Lyft’s Defunct Partnership
SpotHero and Uber rival Lyft partnered in 2022 to integrate SpotHero's parking reservation tech into the Lyft app, allowing users to find, book, and pay for parking spots directly within Lyft in select cities.
However, Lyft announced in May 2023 that they would stop offering parking reservations through their app, effectively ending the partnership.
How Did Stocktwits Users React?
On Stocktwits, retail sentiment around UBER stock stayed within the ‘bearish’ territory over the past 24 hours, while message volume remained at ‘low’ levels.
UBER stock has lost 7% over the past 12 months.
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