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Ride-hailing companies Uber Technologies Inc (NYSE:UBER) and LYFT Inc (NASDAQ:LYFT) have bagged a federal contract, worth up to $810 million, from the U.S. General Services Administration.
What Happened: According to a Reuters report, both Uber and Lyft will collectively cater to over 4 million federal agency employees directly across the country as part of the contract.
Lyft Vice President of Social Enterprise and Government Veronica Juarez confirmed to Reuters that the government agency awarded the five-year contract on Monday.
Although Juarez did not clarify the forecasted-bump in Lyft’s revenues from the contract, the executive claimed that the government bears around $200 million annually for ground transportation. Lyft expects to see further opportunities in public health and equity projects that require transportation.
“The expansion of our customer base to include government is a natural next step for us, and we’re proud to help federal agencies tackle some of the biggest administrative challenges they face,” Uber for Business’ Global head Ronnie Gurion told Reuters.
Why Does It Matter: The federal body, in April, disclosed that Uber and Lyft were front runners for the contract to provide transportation for agency employees and contractors.
The notification clarified that some of the services would include an on-demand passenger booking system that accepts multiple modes of payment as well as a consolidated billing dedicated for agency customers.
Price Action: On Monday, UBER gained 3.32% to close at $50.04, whereas LYFT closed 3.28% higher at $39.35.
See Also: Uber, Lyft Are Exempt From Classifying Drivers As Employees After Proposition 22 Ballot Victory
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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