Lyft has purchased Motivate, the largest bike-rental company in North America that reportedly controls nearly 80 percent of the bike rentals in the U.S., according to Fortune.
The company that operates CitiBike in New York City, Divvy in Chicago and Ford GoBike in the Bay area will be renamed Lyft Bikes. Lyft will not only acquire the company's contracts in New York and six other major cities; it has bought the rights to Motivate's technology and corporate functions.
"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, co-founder and president of Lyft, according to Fortune. "Bringing together Lyft and Motivate will accelerate our collaboration with cities and deliver even better experiences to our passengers and riders."
The deal is reported to be worth about $250 million and comes nearly three months after competitor Uber acquired JUMP Bikes.