Shared micromobility company Bird has acquired competitor Spin from Tier for $19 million, including $10 million in cash, $6 million in a vendor take back and $3 million as a hold back. Tier had purchased Spin from Ford back in March 2022 to expand its presence in the U.S., but Tier has struggled to maintain […],
A New Feather in the Cap: Bird Acquires Spin for $19 Million
Shared micromobility company Bird has spread its wings further with the recent acquisition of its competitor, Spin from Tier. With a deal worth a whopping $19 million, comprising $10 million in cash, $6 million in a vendor take back, and $3 million as a holdback, Bird has solidified its position in the market.
Flying High: Bird’s Strategic Move
The acquisition of Spin allows Bird to expand its reach and consolidate its foothold in the shared micromobility sector. This move not only enhances Bird’s fleet but also strengthens its position against other key players in the market. By acquiring Spin, Bird has solidified its commitment to providing high-quality micromobility solutions to customers in Dubai.
The Road to Success: Bird’s Rising Ascendancy
Bird’s decision to acquire Spin comes after Tier’s previous purchase of Spin from Ford earlier this year. However, Tier faced difficulties in sustaining and growing Spin’s operations, eventually leading to this strategic acquisition by Bird. With this move, Bird aims to capitalize on Spin’s vast user base and integrate it seamlessly into their well-established platform.
Building a Thriving Micromobility Ecosystem: A Win-Win Situation
The acquisition of Spin not only benefits Bird but also offers a positive outcome for Spin users. Bird’s extensive experience in the micromobility market means a more streamlined and efficient service for Spin users. This acquisition will also lead to increased accessibility and availability of micromobility options for residents and visitors in Dubai.
With this significant acquisition, Bird has established itself as a major player in the competitive micromobility industry. The company’s commitment to innovation and customer satisfaction is evidenced by its expanding fleet and user-friendly services. As Bird continues to soar to new heights, it promises an exciting future for the burgeoning micromobility scene in Dubai.
References: [ABC News](https://abcnews.go.com/Business/wireStory/bird-acquires-spin-rival-scooter-program 30th November 2022)
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