The acquisition price was $19 million and a statement from Bird said the deal makes it the largest micromobility operator in North America.
The release also said that San Francisco-based Spin had net revenue of $45 million for the 12 months ended June 30 and that the acquisition will bring at least $20 million in synergies to Bird.
This acquisition strengthens Bird’s presence in the United States, where Spin is present in more than 50 cities.
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Michael Washinushi, Bird’s interim CEO, said: “Spin is an excellent financial and strategic acquisition for Bird, and we expect this acquisition to enable us to achieve long-term sustainable profitability. In addition to our overall leadership in the North American market, the company now has leading market share in key markets, more new vehicles, advanced technology and a significantly stronger financial position. Bird and Spin have numerous strategic synergies that we believe will have an immediate impact in the third quarter.
Tier acquired Spin in early 2022 marking its entry into the North American market. Tier has also made other acquisitions in recent years, including Vento Mobility in Italy And Nextbikeboth at the end of 2021.
Tier has also attracted significant investment, adding $200 million in a Series D cycle in October 2021, bringing the total at the time to $660 million.