Uber Technologies (UBER.US) announced on Monday its plan to acquire SpotHero, a parking reservation application. The company specializes in providing booking services for parking spaces in congested downtown areas, as well as for sports events and concerts. This move signals Uber's continued expansion beyond its core ride-hailing and food delivery operations. The financial terms of the transaction have not been disclosed. Uber stated that it intends to integrate a "parking reservation experience powered by SpotHero" within its own application, assisting users in finding parking spots when attending events, traveling to venues, or going to airports. Uber's Chief Executive Officer, Dara Khosrowshahi, commented in a statement: "When people do choose to drive themselves, having SpotHero on the Uber app will make that experience more convenient than ever and bring more users into the Uber ecosystem." Earlier this month, Uber reported fourth-quarter revenue that exceeded expectations, but issued a weaker profit outlook for the current period, which led to a decline in its stock price. During the quarter, the delivery segment was Uber's strongest-growing business. Originally starting with restaurant meal delivery, this segment has now expanded to include grocery and retail item deliveries. By continuously entering new markets and business areas, Uber has solidified its dominant position in the U.S. ride-hailing market. The company currently holds a market valuation of approximately $146 billion, while its competitor Lyft (LYFT.US) has a market capitalization of just over $5 billion. In the food delivery sector, Uber faces intense competition from companies including DoorDash (DASH.US), which boasts a market value exceeding $71 billion. SpotHero last announced external funding in 2019, when it raised $50 million in a round led by Macquarie Capital. Founded in 2011 and headquartered in Chicago, the company states that its services are available in over 400 cities across the United States and Canada, connecting users with more than 13,000 garages, parking lots, and valet parking locations. SpotHero CEO Mark Lawrence said in a statement: "Partnering with Uber will allow us to bring this experience to millions of drivers and make parking a natural part of the Uber platform." Uber indicated that the acquisition is still subject to regulatory approval and is expected to be completed in the first half of this year.