Citi Bike, a bicycle-sharing network ubiquitous in New York, is getting a new owner.
Lyft, the ride-hailing company originally known for its pink mustaches, announced it’s acquiring Motivate, the parent company of Citi Bike and other bike-sharing networks. The deal, announced today, gives Lyft access to Motivate’s technology, business operations and existing city contracts even while Motivate maintains its own independent business for bicycle maintenance and servicing. The two-wheeled fleet will also allow Lyft to directly compete with its rival, Uber, which acquired its own bike-sharing company in April.
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