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sPARK

parking-polly.com

Founded Year

2012

Stage

Acquired | Acquired

Total Raised

$1.5M

About sPARK

sPARK's technology and unique turn-by-turn cruise-for-parking navigation algorithm allows real-time parking discovery and last-mile navigation.On March 10th, 2020, sPARK was acquired by Arrive, terms of the agreement were not disclosed.

Headquarters Location

Science 4

Yokneam,

Israel

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Expert Collections containing sPARK

Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.

sPARK is included in 2 Expert Collections, including Auto & Mobility Tech.

A

Auto & Mobility Tech

1,593 items

Startups building a next-generation mobility ecosystem, using technology to improve connectivity, safety, convenience, and efficiency in vehicles.Includes technologies such as ADAS and autonomous driving, connected vehicles, fleet telematics, V2V/V2X, and vehicle cybersecurity.

S

Smart Cities

2,026 items

Latest sPARK News

Ontario Teachers spends $900M for 70 per cent of Spark TowerCo business

Jul 12, 2022

Reseller News Ontario Teachers spends $900M for 70 per cent of Spark TowerCo business Spark has entered into a 15-year agreement with TowerCo to secure access to existing and new towers Credit: Supplied Ontario Teachers’ Pension Plan Board will spend $900 million on acquiring a 70 per cent stake in Spark New Zealand's TowerCo business. Spark’s TowerCo business maintains about 1263 sites, with the transaction valuing the business at $1.175 billion, according to Spark. The telco expects net cash proceeds of $900 million at completion, which is subject to Overseas Investment Office approval, and is anticipated to occur in the first half of FY23. Under the terms of the deal, Spark has entered into a 15-year agreement with TowerCo (plus rights of renewal) to secure access to existing and new towers, with a build commitment of 670 sites over the next 10 years. Spark will continue to determine how its mobile network is developed, including where and when capacity investments occur, with TowerCo then designing and deploying these build programmes. Spark will remain the anchor tenant and retain its 30 per cent stake in TowerCo as a key strategic partner, while also continuing to own all the ‘smarts’ of the network, such as radio equipment and spectrum. Spark CEO Jolie Hodson said the company saw a high level of market interest in its passive mobile assets. “We are pleased to have formed this strategic partnership with Ontario Teachers’ – a high-calibre investor with a long-term partnering focus and significant experience managing a portfolio of infrastructure investments globally, including within Australia and New Zealand. “As part of the deal, we have committed a substantial build programme to TowerCo, with 670 sites to be built over the next decade," Hodson continued. “This is a significant investment in the digital infrastructure that will underpin the growth of our digital economy and enable businesses in Aotearoa to innovate and grow.” According to Spark New Zealand Chair Justine Smyth, the establishment of TowerCo accelerates Spark’s strategic objective of delivering a smart, automated network, while maximizing value for shareholders. The telco announced plans to create a new Spark "TowerCo" in February to drive improved utilisation and capital efficiency of its mobile tower network and create opportunities to introduce third-party capital. The transaction will deliver proceeds of $900 million, accelerating Spark’s transition from traditional telecommunications to higher growth digital services. “Spark intends to release an updated capital management policy at its full year results on August 24. When assessing the most appropriate use of proceeds Spark will consider three key pillars – maximizing returns to shareholders, investment in future growth, and maintaining financial flexibility through an appropriate investment grade debt rating”, Smyth said. “The capital management policy will provide clarity on the proportion of proceeds allocated to each of these areas and the most effective means of returning proceeds to shareholders”. For Bruce Crane, senior managing director and head of Asia Pacific infrastructure and natural resources at Ontario Teachers’, the acquisition builds on a track record of investing in New Zealand businesses and will draw on the company’s deep experience investing in digital infrastructure businesses globally. “We look forward to working with the Spark New Zealand team to build and grow a leading business that will enable New Zealanders’ continued access to critical telecommunications services to meet their growing mobile demand needs over the long-term.”, Crane said. Ontario Teacher’s is a global investor with investment in more than 50 countries, spanning equities to real estate to infrastructure and venture growth, to delivering retirement income for 333,000 current and retired teachers in Ontario. During the first half FY22 , Spark reported a revenue increase of 5.2 per cent to $1.89 billion, driven by mobile. That growth and lower depreciation costs helped drive a 7.6 per cent increase in EBITDA to $538 million. Net after tax profit increased 21.8 per cent to $179 million. While broadband revenue fell 3.9 per cent in what Spark described as a highly competitive market, gross margin was maintained as the benefits of wireless broadband growth offset increased fibre costs. Cloud, security, and service management revenues grew 3.2 per cent to $224 million, driven by demand for public cloud and growth in the health sector.

sPARK Frequently Asked Questions (FAQ)

  • When was sPARK founded?

    sPARK was founded in 2012.

  • Where is sPARK's headquarters?

    sPARK's headquarters is located at Science 4, Yokneam.

  • What is sPARK's latest funding round?

    sPARK's latest funding round is Acquired.

  • How much did sPARK raise?

    sPARK raised a total of $1.5M.

  • Who are the investors of sPARK?

    Investors of sPARK include Arrive, Geut Holdings and Terra Venture Partners.

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