FREDERICTON–HOTSPOT, A FREDERICTON-BASED PARKING APP, HAS BEEN ACQUIRED BY IBI GROUP, A TORONTO-FOUNDED TECHNOLOGY FIRM.

HotSpot was founded in Fredericton in 2013 and is now present in over 80 municipalities, cities, and universities across Canada. The app also has more than 460,000 users and some presence in every province.

IBI, which stands for Infrastructure, Buildings, and Intelligence, has about 60 offices worldwide.

“[HotSpot is] definitely one of the market leaders in Canada as far as parking is concerned. With respect to metrics, [it’s] probably the most used parking app in Canada,” Deepak Darda, IBI Group’s global director of innovation, told Huddle.

IBI decided to buy HotSpot after one of its start-ups, CurbIQ, kept coming in contact with the Fredericton company. Both CurbIQ and HotSpot were complementing each other.

Read the full story at huddle.today.