Lyft has signed an agreement to acquire bike-share technology specialist PBSC Urban Solutions.
Terms of the deal have not been disclosed but the acquisition of the Canada-based company is expected to double the size of Lyft’s current micromobility offering.
PBSC has built up 7,500 stations and 95,000 bikes across 15 countries since 2008, according to a statement.
David Foster, head of transit, bikes and scooters at Lyft, says: “Forging a better way to serve both cities and riders with the best bike and scooter sharing systems has long been part of our vision. Our agreement to acquire PBSC will help us deliver world-class products and experiences to riders in the largest cities around the world in the coming decade.”
The statement adds that the two companies will work together on sustainable modes of transport.
Luc Sabbatini, president and CEO of PBSC, says: “TBy joining forces with our long-time partner Lyft, our employees, existing and future clients will have access to the broadest and richest range of micromobility solutions there is bar none. There is a clear alignment of values, complementarity of skills and products and a unique worldwide footprint.”
Lyft acquired the technology and corporate units of bike-share brand Motivate almost four years ago with John Zimmer, co-founder and president of Lyft saying at the time that the two companies have 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.”
Lyft recently announced its first full-year of EBITDA profitability reporting $93 million for 2021 compared to an EBITDA loss of $77 million in 2020.