Spacer Technologies Acquires WhereiPark to Scale the Sharing Economy

Multi-trillion dollar “alternate asset” industry set to take North America by storm by allowing businesses and individuals to monetize existing assets, including unused spaces

TORONTO--(BUSINESS WIRE)--Spacer Technologies, the SaaS platform powering alternate asset marketplaces in Australia and North America, today announced that it has acquired Toronto-based Where I Park Inc. (WhereiPark), a leading monthly parking marketplace in North America in a deal consisting of cash and stock. The acquisition was completed on April 30, 2022.

“The WhereiPark acquisition is the latest step in Spacer’s expansion into the North American market,” said Spacer CEO, Mike Rosenbaum. “It will add significant scale and provide a footprint into new markets, new partnerships, new products and leverage the strengths of each company. Spacer will generate close to $30m this year and continue its current pace of 50%+ year-over-year growth.”

The group will be led by DealDirect co-founder and Group CEO Mike Rosenbaum and WhereiPark and WagJag founder Jeremy Zuker. In announcing the deal, Rosenbaum stated: “Our vision statement is monetising space, minimizing waste. We want to work with more real estate owners using our technology to help them meet current consumer demands for flexibility and convenience on-demand. This extends to more geographies, and new verticals such as warehousing or office leasing.”

“This is the perfect marriage of two popular sharing economies,” says Jeremy Zuker, CEO of WhereiPark. “Being at the forefront of this kind of evolution, allowing anyone - whether an individual or multinational corporation with excess space - to turn their assets into a profitable side-hustle is very exciting. Our platforms make it simple and safe for space owners. We look forward to meshing our teams in North America.”

About Spacer Technologies

Known as the “Airbnb of the Alternate Asset Space,” Spacer powers household brands in the parking (www.parkhound.com.au, www.spacer.com) and self-storage (www.spacer.com.au) verticals. Spacer works with brand name REITs, hotels, commercial and residential property owners to lease out space online, on-demand.

About WhereiPark

WhereiPark (WIP) (www.whereipark.com) operates parking marketplaces across 15 metro areas in North America. WIP focuses on the B2B and B2B2C sector and works with brand-name suppliers and national multifamily property owners including Brookfield Properties, UDR Apartments, AvalonBay Communities, and Greystar.