Uber to Buy Jump, Maker of Electric Bicycles, After Bike-Sharing Test - New York Times

SAN FRANCISCO — Uber started a pilot program in San Francisco to allow its customers to reserve “pedal-assist” electric bicycles within its ride-hailing app in January. Now, Uber says it plans to buy the company behind the bike-sharing service and bring that capability to other cities around the world.

In a blog post Monday morning, Uber said it reached an agreement with Jump Bikes, a provider of battery-powered bicycles, for an undisclosed sum. It would be the first acquisition for Uber since Dara Khosrowshahi took over as the company’s chief executive in August.

Uber did not say how much it paid for the bike start-up, but TechCrunch reported earlier that Jump was considering an acquisition from Uber for more than $100 million.

Even as Uber is backing away from some international markets, the Jump acquisition shows the company is still willing to invest in new ways to reach customers.

Mr. Khosrowshahi said in an interview that Jump was “a perfect fit” for Uber’s expanding portfolio beyond its core ride-hailing service. Uber’s food delivery service, UberEats, is growing fast, and the company also aims to provide a variety of transportation options to consumers including bike sharing.

Click here to read the full article: https://www.nytimes.com/2018/04/09/technology/uber-jump-bikes.html