Lyft acquires Citi Bike parent company, Motivate

Expected move by Lyft (to copy Uber?)

"The ride-hailing startup on Monday announced it will acquire Motivate, the largest bikeshare operator in North America. Motivate operates Citi Bike in New York and Capital Bikeshare in Washington DC, among other brands.

The move comes as Lyft has been expanding its reach in the transportation space. It has integrated public transit in its app and introduced Lyft Line, which lets users share a ride with strangers who are going to destinations close together."

Is Multi-modal the thing?

"It also fits with Lyft's environmentally-friendly push. The company recently announced all rides are now carbon neutral.

Last week, the company said its now worth $15.1 billion following a recent funding round.

In April, rival Uber acquired a bikeshare company called Jump Bikes. The New York-based firm operates in 40 US cities.

Uber CEO Dara Khosrowshahi said at the time that the company wants to make multiple modes of transportation available in its app, including bicycles and subway rides.

On Friday, Uber announced a "new modalities" unit under Rachel Holt, a vice president and regional general manager who previously oversaw Uber's US and Canada business. The unit will focus on new forms of transportation, including its bikesharing business."