Another reason to pitch Lyft
Steve’s breakdown: Last week we told you about the funding Lyft received now we have another reason to call a Lyft. They just bought Motivate. The company that runs Citi Bike’s in New York City.
SAN FRANCISCO, CA: The Big Apple’s blue bikes are going pink.
Ride-share app Lyft announced Monday that it’s buying Citi Bike’s parent company, Motivate.
The cab company, known for its eye-catching pink logo, didn’t reveal how much it paid for Motivate — which also operates bike-rental programs in Boston, Washington, DC, and Chicago — but prior reports of the rumored takeover put the figure at $250 million or more.
Motivate will be renamed Lyft Bikes — but Citi Bikes will remain Citi Bikes for now, according to the company.
Uber, Lyft’s main cab competitor, had reportedly been considering its own bid for the cycle outfit.
Uber recently paid almost $200 million for bike-sharing outfit Jump, which is competing against Motivate — and 10 other companies — for a city contract to operate a “dockless” bike program outside of Citi Bike’s territory.