Portland urban mobility startup Ride Report said Monday it plans to sell to Inrix, a traffic data and analytics company near Seattle. The Portland business’ managers described the sale price as disappointing and a reflection of the difficult economic conditions young companies face.

Ride Report works with cities to manage shared vehicles such as scooters, bikes and cars. The 8-year-old company developed software to analyze travel patterns and track how people use the vehicles so municipalities can manage their fleets, levy fees on private operators and regulate vehicles’ use.

Portland has used Ride Report to monitor usage of its Biketown shared bikes and private companies’ electric rental scooters. The city makes some of that data available online through Ride Report.

Inrix, based in Kirkland, Washington, said it had worked closely with Ride Report for several years.

Acquiring Ride Report will enable Inrix to offer clients data on bikes and scooters alongside other forms of transportation, the companies said.

They did not report terms of their deal but described it as a nonbinding letter of intent.

Ride Report had raised $14.5 million, most recently through a $10 million investment in 2020, when it had 18 employees.

CEO Michael Schwartz declined to say Monday how many people Ride Report employs now but indicated that at least some of them will be staying on. He said Ride Report will retain its office in Portland’s Lloyd District.

The two companies have “a strong, near perfect fit,” Schwartz wrote in a note to shareholders Sunday. He said the Portland company’s employees are looking forward to joining Inrix but acknowledged Ride Report’s shareholders were hoping for more.

“The timing of the sale meant that we were not able to command the return we all wished for the company,” Schwartz wrote. “We had to compromise quite a bit to get a deal done. The result is an all-stock deal with only a very small amount of stock.”

The stock Ride Report received in the sale will go to the company’s preferred shareholders, according to Schwartz, who lives in North Carolina. He said there is nothing available for common shareholders.

Venture capital investment has dropped sharply this year amid broad investor uncertainty about inflation and global macroeconomic conditions.

Investment in Oregon startups was down by about half through the first nine months of the year at $460 million, according to PitchBook and the National Venture Capital Association.

Ride Report has been generating positive cash flow, according to Schwartz, but he said funding options were limited.

He said joining Inrix provided better growth prospects than trying to continue independently.

“The path was narrower than we would have liked,” Schwartz said in an interview Monday. “We felt just rolling along wasn’t going to achieve the scale we needed.”