Lyft grows three times faster than Uber; Clearlake Capital acquires Provation Medical; and Snapchat to release nonfiction crime series produced by Conde Nast.
Lyft earned $1 billion in revenue in 2017, a 168 percent year-over-year growth in the fourth quarter of 2017, Recode reports. Although their revenue is well shy of Uber’s reported $7.5 billion in the same time span, Lyft grew almost three times faster than Uber’s reported 61 percent. Lyft capitalized on Uber’s missteps and unsavory reputation, raised another $2 billion last year, gained market share and launched its first international market last year (Toronto).
Santa-Monica based private equity investor Clearlake Capital Group announced that it has acquired Minneapolis-based Provation Medical Inc., a software solution provider for healthcare documentation and coding, according to Businesswire. Clearlake acquired the company from Wolters Kluwer. Provation will continue to be led by chief executive David Del Toro, who will join the board of directors of Clearlake.
Snapchat is releasing a six-episode nonfiction crime series called “True Crime/Uncovered,” produced by Condé Nast Entertainment, Variety reports. Each five-minute episode, hosted by actress Samantha Miller, uses digital video footage, interviews, police evidence and other sources to explore the crimes and the human psychology behind them. NBCUniversal’s Oxygen cable network is the sponsor for the first three episodes; CNE and Snapchat are in the process of signing another sponsor for the final three episodes, which will be announced at a later date.
Technology reporter Eli Horowitz can be reached at firstname.lastname@example.org. Follow him on Twitter @coachhorowitz13 for the latest in L.A. tech news.