NEW YORK (AP) — Lyft has completed its acquisition of Motivate, the nation’s largest bike-sharing company.
The deal is part of the San Francisco-based ride-hailing company’s goal of offering an array of transportation options within one app and reducing individual car ownership. Financial details were not disclosed.
Motivate operates bike-share systems in New York, Washington, D.C., San Francisco and elsewhere. Last year, 80 percent of bike-share rides in the U.S. were on Motivate bikes.
Caroline Samponaro, head of bike, scooter and pedestrian policy for Lyft says the company plans to invest $100 million in New York to triple its bike fleet there to 40,000 and double the footprint of the system.
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Rival Uber acquired bike sharing company Jump Bikes earlier this year. Uber also invested in Lime, a bike and scooter-sharing company.