Lyft to acquire Bixi supplier PBSC Urban Solutions



Financial details of the deal, expected to close in the second quarter of 2022, were not disclosed.

Article content

Ride-hailing service Lyft announced on Tuesday that it has reached an agreement to acquire Longueuil-based PBSC Urban Solutions, which supplies bike-share equipment and technology to cities around the world based on the technology used by Montreal’s Bixi system.

Article content

Financial details of the deal were not disclosed. Lyft said it expects the transaction to close in the second quarter of 2022.

PBSC Urban Solutions, which emerged from the bankruptcy of Bixi creator Public Bike System Company, has deployed 95,000 bikes and 7,500 docking stations to 45 markets in 15 countries since 2008. These include Citi Bike in New York City and the bike-share system in Toronto.

“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,” David Foster, head of transit, bikes and scooters at Lyft, was quoted as saying in the statement.

Luc Sabbatini, president and CEO of PBSC, said the acquisition will mean “our employees, existing and future clients will have access to the broadest and richest range of micromobility solutions there is bar none.”

This acquisition follows Lyft’s purchase of Motivate in 2018, which also takes its roots from Montreal’s Bixi system.

Bixi itself is not affected by the acquisition. It is owned by a non-profit company set up by the City of Montreal, and acquires equipment through PBSC.


Source link

Leave a comment