Bird Acquires Spin $19 Million to Expand Micromobility

In an exciting move that is set to reshape the micromobility landscape, Bird, the environmentally-conscious electric transportation company, has officially acquired Spin, a shared electric bike and scooter operator. This acquisition, with a purchase price of $19 million, brings Spin under Bird’s wing as a wholly-owned subsidiary. Bird’s strategic move is poised to solidify its position as the largest micromobility operator in North America by market share, making waves in the transportation industry.

The What and Why of the Acquisition

Bird’s acquisition of Spin is driven by both financial and strategic considerations. Notably, Spin contributed approximately $45 million in net revenue for the 12 months ending in June 2023. This significant financial boost, combined with Bird’s existing revenue, propels the combined net revenue to an impressive $265 million for the same period. The acquisition is also expected to yield more than $20 million in synergies and immediate earnings growth for Bird. This financial strengthening aligns with Bird’s commitment to sustainable profitability.

Expanding Bird’s Reach

With Spin’s strong presence in North America, including operations in over 50 cities and university campuses, Bird’s geographical footprint is set to expand significantly. This strategic move enhances Bird’s status as a leading micromobility operator in North America, both in terms of market share and the number of markets served. Bird now operates in 87% of the 50 most populous cities in the United States and Canada with shared micromobility programs. This expansion opens doors for Bird to further penetrate key cities and university campuses, such as Baltimore, Salt Lake City, and Washington D.C., known for their micromobility potential.

The Vision and Impact

Bird’s vision, shared by Spin, goes beyond market leadership. It envisions a more livable, sustainable future where alternative transportation options are not only reliable but also environmentally responsible. This strategic synergy between Bird and Spin is set to make a significant impact in the third quarter, paving the way for a brighter future in micromobility. Bird is excited to welcome the Spin team into its family and is confident that this acquisition, driven by improved financial performance, will contribute to a stronger and more sustainable future.

TL;DR:

Bird, an eco-friendly electric transportation company, has acquired Spin, a shared electric bike and scooter operator, for $19 million. This strategic move solidifies Bird’s position as the largest micromobility operator in North America by market share and is expected to bring immediate earnings growth. With Spin’s presence in over 50 cities and campuses, Bird’s geographical footprint expands, allowing it to target key markets for growth. This acquisition is driven by Bird’s commitment to long-term profitability and its vision of a sustainable future.