#Lyft is making some money moves, y’all! The ride-share app is reportedly gearing up to buy the company that owns #CitiBike.
The company which is called ‘Motivate’ operates in cities such as #NewYorkCity, #Boston, #WashingtonDC, #Chicago and #SanFrancisco which happens to be Lyft’s hometown.
According to @TheInformation, the acquisition is worth at least $250 million and will launch Lyft into the fast-growing bike-share market (which probably means y’all should get in on it too)!
Insiders say that the merger will put Lyft light years ahead of Uber who also purchased a bike-share company back in April.
“In this, Lyft may have just bought itself a bit of an advantage. As other companies hack their way through city halls, Motivate enjoys exclusive bike-share contracts with a bunch of biggies, including New York, San Francisco, and Boston.
The Information reports that #Motivate doesn’t believe the Lyft acquisition would affect these contracts. (That exclusivity, though, is under threat: New York will experiment with dockless bike-share in parts of the city outside its Motivate contract. After legal arbitration, Motivate reached a compromise with San Francisco to allow a limited number of Jump Bikes to begin operating in the city last January, as part of an 18-month pilot program.)”
TSR STAFF: Talia O. @theclosetratchet on IG