TSX:IBG.DB.E - Post by User
Comment by
Calgaryrideron Jun 02, 2022 2:30pm
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Post# 34727295
RE:RE:HotSpot Acquisition
RE:RE:HotSpot AcquisitionI think that DB information is dates.
They're up to ~25 employees and may be pulling in around $5M in revenues. Look here:
https://www.datanyze.com/companies/hotspot-parking/359203916
Sure, it's not huge YET, but IBI management knows exactly how they can integrate this into their offerings (incl. high rises, condos, commercial units, municipal offerings, etc) to sustainably make high margin recurring revenue.
This easily become $20-25M+/year in ~2 years in recurring revenue....and keep growing afterwards too. Furthermore, it expands their offering to their existing client base, further differentiating them from their old and stagnant A&E competitors. IBI is legitimately becoming the smart city leader. This is fantastic.
There's a great article here that talks about the integration - why the acquistion made sense: https://www.919thebend.ca/2022/06/02/fredericton-based-parking-app-bought-by-toronto-technology-firm/
They said they plan a few of these types of acquisitions. Can't wait to hear about the next ones.
CR