Thursday, June 13, 2019

Report: Bird Picked Up Scoot For Bargain $25M

The acquisition by Santa Monica-based Bird of fellow on-demand, scooter service operator Scoot Networks, was worth a mere $25M, according to the WSJ. Bird--which announced the acquisition of Scoot on Wednesday--did not disclose financial details of the deal. However, the WSJ said "people familiar with the matter" said the deal only was worth $25M, significantly below the $70M valuation of Scoot Networks as of its last funding round. Bird's acquisition of Scoot gives Bird access to San Francisco, where it had been shut out of the on-demand, scooter rental market since last year.

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