Rekor Systems, a Columbia-based company providing real-time roadway intelligence through artificial intelligence-driven decisions; and Cygnet Infotech, a product engineering and application development services firm, with Cygnet affiliates, have launched a standalone company. To be named ROKER, the technology will automate parking enforcement, and enable higher-revenue recovery for both public safety institutions and private businesses alike.
Rekor and Cygnet are each contributing their respective technology stacks in exchange for equity in ROKER, with Rekor receiving 50% of the venture.
The companies joined forces to develop and launch ROKER, a new approach that provides an end-to-end solution for simplified parking permitting, electronic citation management and parking enforcement for consumers, businesses and government. The solution is enabled by Rekor Systems’ vehicle recognition solutions and Cygnet’s blockchain and engineering solutions. Sachin Bedi, CEO of Cygnet Infotech, will transition to ROKER and serve as its CEO.
“In recent years, the smart parking market hovered around a $5 billion valuation ― by 2025, that’s anticipated to more than double,” said Bedi. “We are excited to bring Rekor and Cygnet Infotech technology to this space, launch a new company to meet the needs in these markets, and accelerate our growth. We are already on the fast track to a successful final product.”
“ROKER will change how we manage parking enforcement across the board, making it easier for institutions to close revenue gaps and maximize staff resources. With this solution individuals, government institutions and private businesses will be able to digitize any number of parking spots and enforce that parking through smart permitting, citations and towing. Rekor’s nexus to Cygnet developed through both companies working together on IP360, Rekor’s citation management platform, which launched successfully in 2019 operating in the United States and internationally. Cygnet is the ideal partner in continuing the development of ROKER,” said Robert Berman, president and CEO of Rekor.