Business
Exclusive: Metropolis appoints new CFO as AI company nears $5 billion valuation
Good morning. An AI-powered urban infrastructure may be on the horizon.
“The future is one where transactions happen automatically, powered by AI, and that’s the future we’re building for,” Lookman Olusanya, the new CFO of Metropolis, told me.
Metropolis is an AI company enabling checkout-free payment experiences. Olusanya, who will join the company on June 30, most recently served as a CFO of Square, a company of Block. He previously held financial leadership roles at Google Cloud and Amazon Web Services (AWS).
According to reports, Metropolis is currently fundraising at a valuation approaching $5 billion. The company has streamlined “drive in, drive out” ticketless parking by automating vehicle recognition and payments using computer vision and AI. There’s no need to pull a ticket, scan a code, or wait in line at a machine.
Metropolis’ platform now serves over 50 million customers, processes $5 billion in annual transaction volume, and adds 35,000 new members daily. However, the company’s AI capabilities are expanding beyond parking solutions.
“The chance to architect the financial foundation of a company that’s redefining how people access and interact with the physical world, starting with mobility, was just impossible to pass up,” Olusanya said.
He also joined Metropolis because he believes in its team and founders. “There’s ambition and courage to create an entirely new category, and I wanted to help build that,” he said. “Frankly, I haven’t been this excited about a company since my early days helping build up Amazon Web Services.”
Courtesy of Metropolis
Los Angeles-based Metropolis, founded in 2017 by CEO Alex Israel, Peter Fisher, Courtney Fukuda, and Travis Kell, who previously served as CFO, acquired SP Plus last year for approximately $1.5 billion. The deal was financed by $1.8 billion in funding led by Eldridge and 3L, taking SP Plus private and making Metropolis the largest parking operator in North America.
Olusanya describes Metropolis as building something visionary at the intersection of infrastructure, real estate, payments, and AI. The goal is to bring seamless, checkout-free transactions to life across retail, hospitality, refueling, and security. In January, the company acquired Oosto (formerly AnyVision) for $125 million. Oosto develops facial recognition and biometric technologies used in industries like health care, retail, and gaming.
Olusanya has spent the past two decades scaling high-growth businesses across cloud infrastructure, payments, and SaaS, leading finance and strategy at Square, Google Cloud, and AWS. He began his career at American Airlines.
That journey, he said, has taught him how to build at scale, drive discipline, allocate capital, unify fragmented systems, and translate metrics into enterprise value.
“At Metropolis, I expect to bring that same operating rigor and investor readiness, paired with a builder’s mindset,” he said. As he steps into the CFO role, Olusanya has three priorities: listen and learn; grow the company’s financial systems with AI automation and precision analytics; and build the next chapter for Metropolis.
That includes creating a native AI finance organization that is nimble, deeply integrated with the business, and has AI at its core. “That’s my vision,” he said.
Olusanya is based in Seattle. When he’s not strategizing as CFO, you’ll find him outdoors hiking or kayaking.
Have a good weekend. See you on Monday.
Sheryl Estrada
sheryl.estrada@fortune.com
Leaderboard
Fortune 500 Power Moves
Chris Lialios has been appointed interim CFO of Ulta Beauty, Inc. (No. 375), effective immediately. Paula Oyibo, who joined the company in 2019 and had served as CFO since April 2024, has left the company. Ulta Beauty has started an external search for a permanent successor with the assistance of an executive search firm. The company reaffirmed its fiscal 2025 guidance, issued on May 29, for per-share earnings of $22.65 to $23.20 and comparable-store sales ranging from flat to up 1.5%. Lialios has served as SVP and controller since 2018 and joined Ulta Beauty in 1999 as assistant controller.
Every Friday morning, the weekly Fortune 500 Power Moves column tracks Fortune 500 company C-suite shifts—see the most recent edition.
More notable moves this week:
Craig Albright was appointed EVP and CFO of Wiley (NYSE: WLY), effective June 26. Albright joins Wiley with over 30 years of global leadership experience. He recently served as CFO of Americas and Global Cash Center lead at Xerox. Before that, he served as CFO of commercial excellence at Xerox.
Deborah Andrews was appointed CFO of STAAR Surgical Company (Nasdaq: STAA), effective June 25. Andrews has served as interim CFO since March, and she previously served as STAAR’s CFO from 2007-2013 and 2017-2020.
Joe Falcão was appointed CFO of Bose Professional, an independent developer of audio systems for business and institutional settings. Falcão brings more than 20 years of international financial leadership to the role. Previously Falcão has provided financial leadership for global brands including Dunkin and Cabot Corporation and managed teams at Invensys, iBasis, Thrasio, and Orva, among others.
Brenda Lovcik has resigned as SVP and CFO of Trex Company, Inc. (NYSE: TREX), a manufacturer of wood-alternative decking and railing. Lovcik has accepted a position in Minnesota, near her family. She will continue to serve as CFO through Aug. 5, at which time the CFO responsibilities will be assumed on an interim basis by Bryan Fairbanks. He previously served as CFO of Trex from August 2015 until being named CEO in April 2020.
Jason Wilson was promoted to CFO of Ahold Delhaize USA, a grocery retail group with brands including Food Lion, The GIANT Company, Giant Food, Hannaford, and Stop & Shop. Prior to this role, Wilson served as SVP of finance for Food Lion. Wilson started his career in 2000 at Ahold Delhaize USA’s predecessor support brands, serving as director of business development, VP of strategy, and VP of finance and business planning.
Michael Zambito was appointed CFO of Acacia Research Corporation (Nasdaq: ACTG), effective June 24. Kirsten Hoover, Acacia’s current interim CFO, will continue to serve as controller. Before joining Acacia, Zambito spent the past 30 years at Ernst & Young. Most recently, he spent over 23 years, including the last 17 as a partner, in Ernst & Young’s EY-Parthenon.
Big Deal
The use of AI at work is accelerating, according to research. In the past two years, the percentage of U.S. employees who say they have used AI in their role a few times a year or more has nearly doubled, from 21% to 40%, a new Gallup report finds. Frequent AI use (a few times a week or more) has also nearly doubled, from 11% to 19% since Gallup’s first measure in 2023. Daily use has doubled in the past 12 months alone, from 4% to 8%.
Going deeper
Here are four Fortune weekend reads:
—Fortune‘s Special Digital Issue: AI at Work, is a collection of Fortune AIQ stories detailing how companies in finance, law, agriculture, manufacturing, and more are using AI to their advantage.
—“After denying reports of BP takeover, Shell is legally barred from making an offer for six months—and there are no other suitors in sight” by Jordan Blum
—“The IPO market is booming—and more big listings like Klarna and StubHub could come this fall” by Luisa Beltran
—“OpenAI CEO says his kids will ‘never be smarter than AI—and that his parenting style relies on ChatGPT” by Ani Freedman
Overheard
“Leadership in 2025 and beyond requires fitting humans—who supply feelings and ethics—together with technology that enhances the speed, reach, and uniformity of processes.”
—Mark Minevich, president of Going Global Ventures and a strategic partner at Mayfield Venture Capital, writes in a new Fortune commentary piece, “How to lead when machines can do everything (except be human).”
Business
Capgemini to buy WNS to boost its business process services with AI – Computerworld
For Gartner vice president analyst DD Mishra, WNS’s investments in intelligent automation, analytics, and agentic solutions including its TRAC analytics suite and Malkom knowledge management platform will complement Capgemini’s existing technology and consulting strengths.
Sharath Srinivasamurthy, research vice president at IDC, pointed to the acquisitions WNS has itself made in recent months, including Kipi.ai, Smart Cube, and OptiBuy to enhance its data, analytics, and procurement stack and extend its proficiency in business process operations, said.
However, Rajesh Ranjan, managing partner at Everest Group, views the WNS acquisition as more of a strategic play rather than being focused on garnering more agentic tools or capabilities.
Business
Locafy Launches AI-Powered SEO Suite Targeting 40M Business Market

Locafy’s AI Search Platform Powers Visibility Across Organic and AI Search
New Product Lineup Tailored to Local, National, and e-Commerce Businesses
AI-Powered Tools Designed to Automate Engagement and Accelerate Online Presence
PERTH, Australia, July 07, 2025 (GLOBE NEWSWIRE) — Locafy Limited (NASDAQ: LCFY, “Locafy”), a globally recognized leader in location-based digital marketing, today unveiled its FY26 suite of AI-powered SEO products. These solutions, now commercially available following successful market testing, are designed to deliver measurable improvements across organic, AI, and marketplace search results.
Locafy initially outlined its AI-powered publishing roadmap in December 2024, promising to streamline content production and improve cost-effective online visibility for businesses.
“We are excited to announce that we’ve delivered on that promise,” said Gavin Burnett, CEO of Locafy.
All of Locafy’s publishing and SEO products are designed to drive visibility in search engines and, increasingly, AI-driven search tools and marketplaces. Recent research shows these optimizations extend across both traditional and emerging search platforms.
“We’ve evolved our technology to influence not only search engine rankings but also AI search results,” said Burnett. “Our platform helps position our clients’ websites as authoritative sources for high-value keywords, across local, national, and e-commerce campaigns.”
Burnett added, “We’ve also automated the creation of AI-search-ready landing pages, opening up a greenfield opportunity for scaled monetization. Our U.S. directory includes more than 9.68 million direct business listings, and our citation management partners publish more than 28 million business listings across our directories. Each of these represents either a direct sales opportunity or a chance to collaborate with partners using the data we already publish on their behalf.”
Locafy is focused on three primary solution categories:
- Online Business Listings
- Local SEO
- AI-powered engagement tools
Online Business Listings
Locafy continues to assert that online business listings form the cornerstone of successful Local SEO. These listings supply structured data that fuels automated SEO product generation. Locafy currently publishes more than 9.5 million listings in the U.S. and remains focused on partnerships with citation management firms and multi-location businesses. It is also exploring acquisitions of databases, directories, and citation management assets.
The Total Addressable Market (TAM) for the Local SEO solution in their key target markets of USA, Canada, Australia, and the UK is more than 40 million businesses.
“We currently host more than 63 million business listings worldwide, of which more than 40 million are in the U.S., Canada, Australia and the UK,” said Burnett. “However, our direct sales opportunity is more than 11.4 million, plus we have more than 28 million listings that we publish on behalf of partners, who can now connect to our Platform to automate the production of our Local SEO products for their clients.”
Country | Partner Added* | Claimed* |
Australia | 2,145,707 | 652,351 |
Canada | 1,533,479 | 289,274 |
United Kingdom | 3,458,205 | 802,003 |
United States of America | 33,076,154 | 9,684,329 |
TOTAL | 40,213,545 | 11,427,957 |
Local SEO
The flagship solution, Localizer, integrates listing syndication, AI-search optimization, review management, and Google Map Pack enhancement.
“We haven’t seen another product that combines these capabilities—at a price point starting around
AI-powered Engagement Tools
In addition to improving search visibility, Locafy has developed a scalable, cost-effective AI Voice Concierge that can serve as a virtual receptionist, product expert, or customer service agent.
“This is our first step into AI-enabled customer engagement,” said Burnett. “Our Voice Concierge acts like a digital team member—it can take bookings, provide answers, and interact 24/7. Just feed it your business documents and it learns. We record and transcribe every interaction, giving clients full transparency.
“This kind of capability once felt like science fiction, but it’s here now—and Locafy is helping businesses adapt and thrive in an AI-powered world.”
Over the past six months, Locafy has streamlined its product suite, automated key production processes, and validated product performance through live testing. With this foundation in place, the Company is poised for commercial growth in FY2026.
While the company still offers solutions for National SEO and e-Commerce, it believes the immediate opportunity afforded by its breakthroughs in AI Search represents a larger and more scalable revenue opportunity with far greater automation already in place.
About Locafy
Locafy (Nasdaq: LCFY, LCFYW) is a globally recognized software-as-a-service (SaaS) technology company specializing in local search engine marketing. Founded in 2009, Locafy’s mission is to revolutionize the US
Investor Relations Contact:
Matt Glover
Gateway Group, Inc.
(949) 574-3860
LCFY@gateway-grp.com
Business
Apple appeals against ‘unprecedented’ €500m EU fine over app store | Apple
Apple has launched an appeal against an “unprecedented” €500m (£430m) fine imposed by the EU on the company, in the latest clash between US tech companies and Brussels.
The iPhone maker accused the European Commission – the EU’s executive arm – of going “far beyond what the law requires” in a dispute over its app store.
In April, the commission fined Apple €500m after finding the company had breached the Digital Markets Act by preventing app developers from steering users to cheaper deals outside the app store.
Last month, Apple overhauled its app store rules to comply with the EU order to scrap its technical and commercial curbs on developers in order to avoid fines of 5% of its average daily worldwide revenue, or about €50m a day.
As a result Apple introduced new fee structures for developers using its app store. On Monday, Apple accused Brussels of making it deploy “confusing” business terms in order to avoid the threat of fines.
“Today we filed our appeal because we believe the European Commission’s decision – and their unprecedented fine – go far beyond what the law requires,” said Apple, announcing an appeal to the general court, the second highest court in the EU. “As our appeal will show, the EC is mandating how we run our store and forcing business terms which are confusing for developers and bad for users.”
Apple also accused the commission of unlawfully expanding the definition of “steering” – or the language and methods the company allows developers to use when guiding consumers outside its app stores.
The company said officials on Brussels had changed the definition by, for instance, not just focusing on whether app developers should be allowed to link to an external website, but also on whether developers should be permitted to promote offers inside an app.
Donald Trump’s senior trade adviser, Peter Navarro, has accused the EU of using “lawfare” against big US tech companies, describing the use of regulations against American companies such as Apple and Meta as part of a barrage of “non-tariff weapons” used for by foreign states against the US.
Henna Virkkunen, the European Commission vice-president responsible for tech sovereignty, said in April that the EU will not rip up its tech rules in an attempt to agree a trade deal with the US. In January, Mark Zuckerberg, the chief executive of the Facebook owner Meta, accused the EU of “institutionalising censorship” via its digital rules.
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Trump has set a 9 July deadline to seal a trade deal with the bloc – with the threat of imposing a 50% tariff on EU imports into the US if agreement is not reached.
Tom Smith, a competition lawyer at Geradin Partners and a former legal director at the UK’s Competition and Markets Authority, said Apple “fundamentally hates” attempts to change its app store.
“The blunt truth is that it is worth spending a few million on legal fees in order to disrupt and delay the development of a more open app ecosystem, which is a market that is worth many billions a year to Apple,” he said.
The European Commission has been approached for comment.
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