Lyft to enter bike sharing market with Motivate acquisition

By Pouyan Broukhim

Ride hailing firm Lyft has announced that it has agreed to acquire Motivate, the parent company of Citi Bike, in the aim of gaining a significant share in the fast-growing bike sharing market.

Motivate stands as the largest bike sharing operator across North America, with over 1.8mn trips having been completed on the company’s bikes in New York alone during May 2018.

See also:

Further, the acquisition will serve to aid Lyft’s ongoing Green Cities Initiative and carbon neutrality pledge.

“Lyft and Motivate have both been committed for years to the same goal of reducing the need for personal car ownership by providing reliable and affordable ways to move around our cities,” said John Zimmer, Lyft Co-Founder and President. “Bringing together Lyft and Motivate will accelerate our collaboration with cities and deliver even better experiences to our passengers and riders.”

“How we get around cities is changing rapidly, and the combination of Lyft and Motivate will bring tremendous new resources and energy to making sure that bikeshare plays a fundamental role in the new urban mobility,” said Motivate Executive Chairman Steve Koch.

The news comes shortly after Lyft rival Uber’s acquisition of electric bike sharing company Jump for $200mn in April.

According to media reports, the deal between Lyft and Motivate could be valued at as much as $250mn.

Share

Featured Articles

How Elon Musk pulled off a $44bn hostile takeover of Twitter

As the world’s richest man, Elon Musk, takes over tech giant Twitter, we highlight the timeline that led to this titanic takeover

Amazon, Alphabet, Wells Fargo best workplaces, says LinkedIn

The top 50 workplaces to grow careers prioritise flexible work and tuition-support programs, as top-ranking firms Amazon and Alphabet prove, says LinkedIn

Top 10 women in technology in the US

These 10 women in tech are forging a path into bold areas of innovation and technological ambition, according to sister publication Technology Magazine

8 executive moves to crypto – from mainstream to startup

Technology & AI

Digital Twins tech ‘missing link’ in urban decarbonisation

Technology & AI

The Metaverse Foundry from Infosys is a business playground

Technology & AI