via Motivateco.com

Lyft, the San Francisco-based rideshare company, announced today the acquisition of Motivate, the parent company of Citi Bike, a public bicycle sharing system serving New York City and Jersey City, and San Francisco’s Ford GoBikes.

The financial terms of the acquisition were not disclosed, but previous reports indicate that Lyft would be paying around $250 million for the company. With the acquisition, Lyft has unveiled ‘Lyft Bikes’ in direct competition to Uber, which bought its own bike share startup back in April.

According to the announcement, Lyft plans on maintaining Motivate’s corporate infrastructure, and more importantly, its city contracts.

As part of this agreement, Lyft is acquiring Motivate’s technology and corporate functions, including its city contracts. Motivate’s bike maintenance and servicing operations will remain a standalone business, retaining the Motivate name, and will continue to support bikeshare systems across North America.

Lyft made headlines last week when it announced that it raised a $600 million financing round led by Fidelity Management & Research Company, valuing the company at $15.1 billion.

Moving forward, Lyft aims to provide dockless and pedal-assist electric bikes to riders around the country.

More: Introducing Lyft Bikes
Related: Lyft Raises $600 Million Financing Round Led by Fidelity