Dockless bike sharing service JUMP gets acquired by Uber

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Uber is expanding beyond four wheels and is jumping right into the dockless bike wars.

Terms of the acquisition weren't disclosed, and Uber expects the deal to close within the next few weeks. Sources told TechCrunch the final price could be approximately $200 million.

Currently, Uber and JUMP are limited to having 250 bikes in San Francisco.The San Francisco Municipal Transportation Authority is expected to evaluate platform's performance to determine if it should be allowed to increase its number of bikes to 500 by September. The bikes allow for regular bike riding, but also an electric pedal-free riding option.

Back in January, Uber began providing San Francisco clients an easy method to book ferry Bikes from within its program.

"It soon became clear that with such strong synergies and alignment on mission, Jump could better accomplish its goals if it were part of Uber", Rzepecki wrote in his blog post.

Uber CEO Dara Khosrowshahi mentioned in a post that the company wishes to make numerous modes of transportation readily available within its program, including bicycles and subway rides.

In 2010, Rzepecki founded his company under the name Social Bicycles, which started as a small team that created the first prototypes of their smart bikes, which the company says were the first with integrated GPS, payment systems, and locks.

Uber is valued at between $48 billion and $68 billion, making it the world's most valuable start-up.

France is entitled to bring criminal proceedings against local managers of ride-hailing app Uber [UBER.UL] for running an illegal taxi service, the European Union top court ruled on Tuesday, dealing the Silicon Valley start-up another legal setback.

It's a big day for Uber, as a new acquisition will see it branch out from the ride sharing service that made it a popular name. And some cities have been plagued with abandoned dockless bikes, which means officials may be wary of letting Uber flood the street with them-particularly given the firm's track record at flouting rules. For a 30-minute ride, JUMP bikes cost about $2.

The ECJ said that since Uber was offering a transport service under European Union law the obligation to notify the Commission in advance did not apply. As CEO Ryan Rzepecki points out in a blog post announcing the acquisition, Jump is a "10-year "overnight success" story"-a company that had always been hacking away at the dockless bike-sharing business before the model's explosive success in China brought a flood of funding into the space".

With Uber's backing, we can probably expect to see JUMP bikes sprout up in other United States cities quickly. That's because Uber today announced an agreement to buy New York-based JUMP Bikes, an ebike-sharing startup.