Lyft buys market leading bike share platform Motivate
Ride hailing platform Lyft has acquired North America’s largest bike-share operator Motivate.
Motivate operates CitiBike service in New York and Ford GoBike in California and dominates the market with a 80% share.
Lyft says the acquisition is an important step in its Green Cities Initiative which champions a carbon neutral future.
"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, president of Lyft.
Lyft will boost investment in Motivate’s existing markets but hasn’t disclosed what level of integration the companies will have.
Motivate’s cycle maintenance and servicing business will stay as a separate company keeping the Motivate name and will support all bike sharing operations.
Following the deal the Motivate bike fleet is expected to suprpass 30,000 units across the US.
"Together, we believe that integrating our services in partnership with the public sector will transform the urban transportation landscape, increase bike ridership, and make our cities better," said Steve Koch, executive chairman of Motivate.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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