Ride hailing service Lyft has followed Uber’s lead by buying into bike share with the acquisition of Motivate.
The Information reports that the deal will be worth $250 million+ and will give Lyft a big leg up in its bid to compete with Uber.
Motivate is responsible for the largest bike share fleet in the United States and, following a merger with 8D Technologies, is one of the more technologically advanced platforms operating. The business operates fleets in New York under the CitiBike banner, San Francisco under the GoBike moniker and many more.
Lyft is said to be gaining ground on Uber in the ride sharing business and reportedly sees the rollout of electric hire bikes as an important next step to advance its multi-modal offering.