Uber Technologies Inc. is leaping into the bicycle-rental industry with the purchase of Jump Bikes, as CEO Dara Khosrowshahi seeks out new growth areas with his first acquisition.
The ride-hailing giant agreed to pay more than $100 million in cash and stock to buy the electric-bicycle provider, according to a source who asked not to be identified because the figure isn't public. Technology news site TechCrunch first reported acquisition talks. Uber declined to disclose the terms of the deal, which the companies unveiled in a joint statement Monday.
With the acquisition of Jump, Uber will now be in the business of owning and operating fleets of electric bikes.