Technology-enabled urban space management company ROKER, Inc. announced that it has acquired software-as-a-service (SaaS) parking enforcement platform SecurePark Technologies. The financial terms of the deal have been kept under wraps.
ROKER is a venture between Rekor Systems (REKR), a provider of real-time roadway, customer and public safety intelligence to enable AI-driven decisions, and Cygnet Infotech, a premier product engineering and application development services company.
Following the news release, shares of the company gained 4.3% and close at $8.25 in Tuesday’s trading session.
The buyout is likely to enhance ROKER’s offerings in the parking management space and ensure a seamless experience for its customers.
CEO of ROKER Sachin Bedi said, “With the addition of the SecurePark team, intellectual property and recurring revenue stream, we now have a complete end-to-end system, along with the experienced team and resources needed to scale.” (See REKR stock chart on TipRanks)
Recently, Northland Securities analyst Michael Latimore assigned a Buy rating to the stock with a price target of $26. The analyst’s price target implies upside potential of 215.2% from current levels.
The Street is cautiously optimistic about the stock with a Moderate Buy consensus based on 2 unanimous Buys. The average REKR price target of $21.75 implies the stock has upside potential of 163.6% from current levels. Shares have gained about 117.1% over the past year.