Lyft to purchase leading U.S. bike-share operator Motivate
The deal to acquire Motivate is the latest sign of massive shift in urban transit Ride-hailing giant Lyft will acquire Motivate, a leading U.S. bike-share operator which runs Citi Bike and other systems, according to The Verge.
In a blog post announcing the acquisition and the new Lyft Bikes services, Lyft said it ?will invest to establish bike offerings in our major markets and pursue growth and innovation in the markets where Motivate currently operates.?
Lyft notes this is the next stage of its Green Cities Initiative, and comes after its recent carbon neutrality pledge.
The purchase, which was rumored to be worth $250 million according to a report in The Information last month, underscores a significant shift in urban transportation?and a big bet by the company?toward a more multimodal, mobility-as-a-service future, where riders have a host of options to get across town and eschew private vehicle ownership. The deal specifies that Lyft will obtain Motivate?s technology and corporate functions, including its city contracts, while Motivate, as it currently exists, will remain a standalone business dedicated to servicing existing city contracts.
?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 Lyft co-founder and president John Zimmer in a statement. ?Bringing together Lyft and Motivate will accelerate our collaboration w...
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