The BMW Group has acquired Parkmobile LLC, the largest provider of mobile parking services in North America, with the intent of focusing on "the mobility of the future and investing heavily in tomorrow's technologies, including expanding its range of mobility services," according to a press release.

BMV said the acquisition will help it better address what it calls an essential element of urban mobility: parking solutions.

"Up to 30 percent of city traffic is caused by people looking for parking spaces. The acquisition of Parkmobile, LCC makes us the leading international provider of digital parking solutions and means we can better address the pain point of parking by scaling our offering for customers worldwide," said Peter Schwarzenbauer, member of the board of management of BMW AG and responsible for MINI, Rolls-Royce, BMW Motorrad, customer engagement and digital business innovation for BMW Group, in the release.

The BMW Group has held a minority stake in Parkmobile since 2014 and has now acquired the company with its over 100 employees, based in Atlanta. Parkmobile offers its service in more than 300 U.S. cities including New York, Philadelphia and Phoenix. Parkmobile Group Europe, whose brands also include ParkNow, has been wholly owned by the BMW Group since April 2016.