#Uber#Jump#mergers & acquisitions

Uber acquires electric bike sharing company Jump

Pouyan Broukhim
|Apr 10|magazine5 min read

Uber has announced that it has acquired New York-based electric, dockless bike sharing service company Jump in a deal that is reportedly close to $200mn, according to TechCrunch.

Uber had been working with Jump with a pilot in the ride hailing firm’s home city of San Francisco previous to the acquisition, with Jump now readily available across the Uber app, alongside the company’s ride hailing service.

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“Our hometown pilot is off to a very strong start, with riders enjoying a convenient and environmentally friendly way to cruise up and down our trademark hills,” said Uber CEO, Dara Khosrowshahi.

“JUMP’s CEO Ryan Rzepecki is an impressive entrepreneur who has spent the better part of a decade bringing bike-sharing to life across the globe. I’m thrilled to welcome his team and their stellar product onto the Uber platform.”

The move will see Uber attempting to grasp a significant stake in the bike sharing market that is forecast to grow at a rate of 20% annually, set to reach up to $6.5bn by 2020.

Having been founded in 2008, Jump has launched its bike sharing schemes in 40 cities across six countries, including San Francisco.