Join our daily newsletter At The Bell to receive exclusive market insights
- Smart Parking (SPZ) has been chosen to provide its technology at London’s Gatwick Airport
- Smart Parking and London Gatwick have entered a five-year contract which will see SPZ install more than 4100 vehicle detection systems and provide 33 LED directional signs
- This contract will generate approximately $2.4 million in revenue for the company
- Smart Parking is up a steady 13.3 per cent on the market today with shares trading for 25.5 cents apiece
Smart Parking (SPZ) has been chosen to provide its technology solutions to the London Gatwick Airport.
After a lengthy and comprehensive process, Smart Parking and London Gatwick have entered a five-year contract which will see the company install 4188 vehicle detection sensors, provide 33 LED directional signs, and undertake system maintenance.
The technology includes SmartSpot gateways which are multifunctional communications gateways that relay live parking event data from on-site sensors to Smart Parking’s cloud platform.
It is expected that the contract will generate approximately $2.4 million in revenue for Smart Parking across the five-year agreement.
“We are delighted to start 2020 with such a significant project win,” CEO Paul Gillespie commented.
“After spending the end of 2019 working through a comprehensive tender process with London Gatwick Airport, Smart Parking is looking forward to installing our cutting edge parking technology solution in one of the world’s major international airports,” he added.
Currently, Smart Parking installs thousands of sensors in a range of environments which includes shopping centres, universities, parking sites and airports.
Its vehicle parking sensor solution, SmartPark, has been adopted globally.
SmartPark helps drivers find a car park as well as providing detailed, live information around the hours and availability, directions and distance.
Smart Parking also offers automatic number plate recognition that reads number plates and is widely used around the world by the police force, traffic management and toll agencies.
Smart Parking’s share price up a steady 13.3 per cent on the market today with shares trading for 25.5 cents apiece at 3:38 pm AEDT.
