Uber to acquire Jump Bikes, an electric bike rental service

10 April, 2018, 18:58 | Author: Darnell Patrick
  • Uber has run into huge opposition from taxi companies and other competitors who accuse it of dodging costly regulations

Most famous for its ride-sharing taxi service, Uber has diversified into virtually every automotive-based industry imaginable, from self-driving cars to freight trucks and flying taxis to food deliveries. A company spokesperson told BuzzFeed News Uber was not disclosing the terms of the deal, though a TechCrunch report put the acquisition in the neighborhood of about $200 million.

Jump founder Ryan Rzepecki first got the idea for his bike-sharing company while studying for his master's degree in urban planning at Hunter College. Instead of relying on special bike racks, JUMP bikes - which are bright red and feature an electric motor for pedal assist - can be dropped off and locked up anywhere.

Currently, JUMP is the only dockless bike sharing company that's permitted to operate in San Francisco, and for the moment that operation is relatively small in scale. "As our new CEO has said, it is appropriate to regulate services such as Uber and so we will continue the dialogue with cities across Europe".

Why it happened: Uber says it's "committed to bringing together multiple modes of transportation" so that its customers "can choose the fastest or most affordable way" to get around.

Even as Uber is backing away from some worldwide markets, the Jump acquisition shows the company is still willing to invest in new ways to reach customers. Over the last nine months, Uber rewrote its corporate values, became more conciliatory with regulators, and settled a trade secrets lawsuit with driverless vehicle competitor Waymo. Because they are dockless, they can be left at any public bike rack, eliminating a lot of the infrastructure cost other bike-share companies incur, and their location is tracked via Global Positioning System. Riders pay $2 for 30 minutes of use.


The service will now operate within Uber, allowing users to reserve one of the nearby bikes, before they are given a code to unlock it and begin riding. Khosrowshahi added that the data Uber collects from its ride-hailing network will enable the company to optimize where bicycles are placed for the sake of improving utilization. "Just tap the "bike" option in the app's menu located at the top left corner of the home screen", Uber's instructions read.

The deal signals the ride-hailing giant's intent to expand its focus beyond cars to other forms of transportation.

After launching earlier this year, Jump has seen immediate success, with each of its 250 bikes in San Francisco averaging four trips of 4.2km each day in February.

Uber has announced its purchase of bike-sharing platform Jump, which offers users access to electric bikes.

Fewer people are driving public transportation in the United States of America, as stated by research, even since commuters shift to ride-hailing solutions such as Uber and Lyft.

Recommended:

  • 'Avengers: Infinity War' Directors Ask Fans to Avoid Spoiling the Movie

    'Avengers: Infinity War' Directors Ask Fans to Avoid Spoiling the Movie

    The brothers closed off their letter with " Good luck and happy viewing " and affixed their respective signatures at the end. In fact, they'd like you to keep it going until virtual everyone who wants to see the film gets the chance.
    Teachers To Pack State Capitol For 2nd Day Of Walkout

    Teachers To Pack State Capitol For 2nd Day Of Walkout

    Second, the diminished power of the unions has led to the rise of grassroots organization via social media platforms. Critics blame bleak economic conditions in the state on reductions in state income taxes for top earners.
    Roseanne dismisses Trump taking credit for ratings: 'It's all me'

    Roseanne dismisses Trump taking credit for ratings: 'It's all me'

    Then she drops this on us. there's only one person responsible for the success of the revived " Roseanne " - and it ain't DT. Trump's attacks on health care, including Medicaid, have worsened the Conners' ability to afford necessary medication.
  • Anne Hathaway Beats Body Shamers at Their Own Game

    Anne Hathaway Beats Body Shamers at Their Own Game

    I don't think she meant it that way, but there's something about her need to explain away her weight gain that's disturbing. Notably, this isn't the first time Hathaway had done some measures for body shamers that seemed to be everywhere.

    Natural disaster strikes near Channel Islands, felt in Los Angeles

    The quake, which struck about 86 miles from Los Angeles around 12:30 p.m., registered a magnitude of 5.3, according to the U.S. Renowned former USGS seismologist Lucy Jones described the Tuesday afternoon temblor as a "moderate" quake , KTLA reported .
    Stephen Metcalfe MP Welcomes Ban on Ivory Sales

    Stephen Metcalfe MP Welcomes Ban on Ivory Sales

    Rare or important items, at least 100 years old, will be assessed by specialist institutions before exemption permits are issued. Britain is to ban sales of ivory in a bid to help preserve the world's dwindling elephant population.
  • Draw is a fair result: Klopp

    Draw is a fair result: Klopp

    The draw means Liverpool are now unbeaten against Everton in 17 straight games in all competitions (eight wins, nine draws). Everton look short of confidence pushing forward against a defence that barely broke sweat all afternoon.

    Wall Street analysts can't agree if the trade war threat is real

    Before the opening bell, the S&P is down 1.7 percent, with the Dow and the Nasdaq over 2 percent lower. The U.S. semiconductor industry relies on China for about a quarter of its revenue.
    MI  health officials issue warning over deadly rat poison in synthetic marijuana

    MI health officials issue warning over deadly rat poison in synthetic marijuana

    There have been 60 hospitalizations and two deaths related to the synthetic marijuana containing the odorless poison. Doctors have attributed the cases to a type rat poison found in the synthetic pot.
  • Mechanic suffers broken leg after being hit by auto

    Mechanic suffers broken leg after being hit by auto

    Ferrari announced that it is now investigating as to why Raikkonen was given a green light when one wheel was yet to be changed. Hamilton had his work cut out starting from ninth, and managed to achieve the podium finish he would have been hoping for.
    PM Modi scared of questions on corruption: Rahul Gandhi

    PM Modi scared of questions on corruption: Rahul Gandhi

    Thats the way they look at the world, said Rahul. "It's not only Dalits, it's tribals, it's minorities. There was a letter sent to Prime Minister's office, long back, saying that there is a problem with Mr.
    'Jersey Shore Family Vacation:' Where Is Sammi?

    'Jersey Shore Family Vacation:' Where Is Sammi?

    The couple were joined by Jersey Shore's resident meatball Nicole "Snooki" Polizzi and Sophie's castmate, Nathan Henry . And being that there was a lot of Ron and Sam drama when we did film, it was just really hard on both of them.


Popular

Mark Zuckerberg testimony: Everything to know before you watch
Nelson said Zuckerberg told the senator on Monday that his company had been lied to by the firm, a notion Nelson called "naive". Zuckerberg pledged to limit the information the platform developers can access and they have to get users' approval.

Russian aluminium giant Rusal share price almost halves after U.S. sanctions
The share price of the company "RUSAL" on Monday morning fell more than 40 % on the Hong Kong stock exchange and by 46.9% in the Moscow exchange.

Brock Lesnar Signs New Deal With WWE After WrestleMania
Despite that, most of the attention has fallen on the speculation regarding what took place backstage after the main event. The Undertaker defeated Cena in less than three minutes, leaving the crowd and television viewers very surprised.

Kim Jong Un will talk denuclearization with Trump, officials say
Till then Washington was yet to hear directly from Pyongyang on the invitation extended by Kim via South Korean intermediaries. North Korea's leader Kim Jong-Un mentioned future talks with the USA at a party meeting, state media reported on Tuesday.

Former Brazilian President surrenders to police
Lula da Silva had been holed up since Friday in the steelworker's union headquarters surrounded by many hundreds of supporters. Da Silva has vowed to continue his campaign from his jail cell, though Brazilian law will likely prevent him from running.

Simmons triple-double in LeBron showdown
Larry Nance then botched a tip-in right before the buzzer, as the Philadelphia won its biggest game in five years. However, James' greatness shined through and he was able to get enough help for the win.

Russell Crowe's 'Gladiator' armor sells for $96K at 'divorce' auction
Crowe also parted with a collection of artwork, including the 1960 Charles Blackman work "The Suitor", which sold for $360,000. Sotheby's Australia had estimated the stunt cuirass worn in the 2000 blockbuster would fetch between AU$20,000 and AU$30,000.

Cannes Film Festival to host global premiere of 'Solo
He was been working in Hollywood as well with projects like SINGULARITY; LOVE YOU TO DEATH, THE DARJEELING LTD and HARE KRISHNA. Entertainment Weekly has additional details about the film festival's ties to the franchise and Star Wars creator George Lucas.

'They're depriving their students of education,' retired teacher on Okla. protests
Even though the economy has improved, the education cuts have not been restored, prompting struggling teachers to fight back. Oklahoma lawmakers recently agreed to a rare tax increase to bump teachers' pay by an average of $6,100 a year.

Turkey, Russia prioritize S-400 air defense missile systems deal
But Putin refused to discuss the issue saying "these are exclusively commercial questions" rather than political ones. But Erdogan indicated that Turkey was in no mood to listen to criticism from the West over the purchase.