From ride-hailing to parking: Uber(UBER.US) acquires SpotHero to complete the transportation service ecosystem

2026-02-24 13:57:59

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Uber Technologies (UBER.US) announced on Monday that it will acquire parking reservation app SpotHero. The company mainly provides parking reservations for busy downtown areas, sports events, and concerts. This move marks Uber’s further expansion beyond its core ride-hailing and food delivery businesses.

Terms of the deal were not disclosed. Uber said it plans to introduce a “parking reservation experience supported by SpotHero” within its app to help users find parking for events, venues, or airports.

Uber CEO Dara Khosrowshahi stated in a release, “When people choose to drive, SpotHero on the Uber app will make that experience more convenient than ever and bring more people into the Uber ecosystem.”

Earlier this month, Uber reported quarterly revenue that exceeded expectations, but its profit guidance for the current period was weak, causing the stock to fall. The company’s fastest-growing segment this quarter was delivery, which started with restaurant takeout and has expanded to grocery and retail goods delivery.

By continuously expanding into new markets and business areas, Uber has solidified its dominant position in the U.S. ride-hailing market. The company’s current market value is about $146 billion, while its competitor Lyft (LYFT.US) is valued at just over $5 billion. In the food delivery sector, Uber faces fierce competition from companies like DoorDash (DASH.US), which has a market cap exceeding $71 billion.

SpotHero last announced external funding in 2019, led by Macquarie Capital, raising $50 million. Headquartered in Chicago, the company was founded in 2011 and claims to serve over 400 cities across the U.S. and Canada, connecting more than 13,000 garages, parking lots, and valet parking locations.

SpotHero CEO Mark Lawrence said in a statement, “Partnering with Uber will enable us to bring this experience to millions of drivers and make parking a natural part of the Uber platform.”

Uber said the acquisition is subject to regulatory approval and is expected to be completed in the first half of this year.

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