Lyft boosts bike-share presence with PBSC acquisition

Lyft signed an agreement to acquire bike share technology specialist PBSC Urban Solutions.

Terms of the deal were not disclosed, but the acquisition of the Canada-based company is expected to double the size of Lyft’s current micromobility offering.

PBSC has built 7,500 stations and 95,000 bikes in 15 countries since 2008, according to a statement.

David Foster, Head of Transit, Bikes and Scooters at Lyft, said, “Creating a better way to serve both cities and riders with the best bike and scooter sharing systems has long been a part of our vision. Our agreement to acquire PBSC will help us deliver world-class products and experiences to cyclists in the world’s biggest cities over the next decade.

The statement adds that the two companies will work together on sustainable modes of transport.

Luc Sabbatini, President and CEO of PBSC, said, “By joining forces with our long-standing partner Lyft, our employees, current and future customers will have access to the widest range of micromobility solutions and the richest ever. There is a clear alignment of values, complementarity of skills and products and a unique global footprint.

Lyft acquired the technology and corporate units of the Motivate bike share brand nearly four years ago. John Zimmer, co-founder and chairman of Lyft, said at the time that the two companies had been “committed for years to the same goal of reducing need. for personal car ownership by providing reliable and affordable ways to get around our cities.

Lyft recently reported its first full year of EBITDA profitability, reporting $93 million for 2021, compared to an EBITDA loss of $77 million in 2020.