Rideshare service Lyft Inc. closed on the acquisition of Motivate, the parent company to Capital Bikeshare and the largest bike-share program operator in the United States.
While terms were not disclosed, reports earlier this year speculated Lyft was in talks to acquire Motivate for up to $250 million. At that price tag, Lyft would drive ahead of Uber, which made its own purchase of New York-based electric bike company Jump for $200 million in April.
New York-based Motivate reportedly generated around $100 million in revenue last year, completing 80 percent of all bike-share rides in the United States.
A Lyft spokesman said the company is currently in talks with its regional partners on how it can support Capital Bikeshare’s expansion and innovation goals.
Capital Bikeshare is the third-largest system of its kind in the U.S. with more than 3,500 bicycles spread across more than 400 stations.
Starting next year, San Francisco-based Lyft will also be launching its own bikes in a…Read the full story from the Washington Business Journal.