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Real-time traffic information provider Inrix has acquired parking space app ParkMe for an undisclosed sum.
ParkMe provides drivers with the ability to find on-and off-street parking, reserve a space as well as pay for parking either through the app or directly from vehicles.
Inrix said the buyout will help the firm provide parking services - including finding, comparing, reserving and paying - from smartphones, on top of its existing traffic and weather data tools.
A spokeswoman for the company told BusinessCar that ParkMe's data would be integrated into the existing Inrix app in the coming months.
Inrix said the smart parking market is growing at 28% annually and is expected to be worth $3bn (£1.9bn) within the next decade.
ParkMe claimed its database includes 29 million spaces in 84,184 locations spanning 3232 cities in 64 countries.
The company confirmed it will continue to operate from its office in California and that the ParkMe brand and mobile applications will continue to run without any service interruptions for existing consumer and enterprise customers.
"Today, ParkMe and Inrix become one company fuelled by talented staff and a set of technologies," said Bryan Mistele, president and CEO of Inrix.
"We will provide customers with the best source of driving intelligence in all its forms - traffic, fuel, EV, inter-modal navigation and parking worldwide," he claimed.
"Our mission has always been to make parking easier, faster and less expensive for consumers," said, Sam Friedman, co-founder and CEO of ParkMe. "By joining Inrix, we can achieve that vision faster than we could have on our own."
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