Lyft buys Citi Bike owner Motivate in move into bike-sharing business

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"Lyft and Motivate have both been committed for years to the same goal of reducing the need for personal auto ownership by providing reliable and affordable ways to move around our cities", John Zimmer, Lyft co-founder and president, said in a statement.

Lyft says it's giving Americans another reason not to hassle with vehicle ownership.

Lyft says its new bike-share program will revolutionize urban transportation.

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As a result of the acquisition, Lyft is launching a new business called Lyft Bikes, which will incorporate Motivate's technology, corporate functions and city contracts. The Brooklyn, N.Y. -based company's bike maintenance operations will stay as a standalone business under the current brand.

Lyft announced on Monday that it's acquired Motivate, the parent company of a number of popular bike sharing programs in North America, including Citi Bike, Divvy, and Ford GoBikes.

While Motivate is the clear leader in U.S. bike-share services, recent momentum has favored startups that offer dockless bikes.

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USA ridesharing giant Lyft said Monday it was acquiring bikesharing operator Motivate as it ramps up efforts against rival Uber in alternative forms of transportation.

The deal brings Lyft into a crowded market. The company will introduce "Lyft Bikes", seizing on the momentum around dockless and pedal-assist e-bikes in major USA cities, and inject resources into the bike-share operator to expand those offerings around the country.

Uber, Lyft's biggest competitor, bought the bike-sharing service JUMP for close to $200 million back in April and renamed it Uber Bike. It has agreements with officials in San Francisco, Chicago and elsewhere, which will be included in the deal, Lyft said.

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It also was unclear how the Lyft deal would affect Motivate-operated Capital Bikeshare.

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