The Toronto Parking Authority (TPA) has chosen a new supplier for the city's public bike-sharing system, a move that will see the TPA buy 1,000 new bikes and 120 new stations this year.

PBSC Urban Solutions is the new supplier, an international company that already provides cities like Montreal, New York, Washington, San Francisco and London with bike-sharing systems.

The purchase more than doubles the number of bikes in Bike Share Toronto, according to the TPA.

On top of new bikes and stations, PBSC will replace the electronic components in the current system so that the existing pay stations and docks are fully integrated with the new system. The deal with PBSC is for the next five years.

"We had a very thorough and detailed tender process, in search of a company that had the best roadmap for the future of bike share and the best value for our dollar," said TPA President Lorne Persiko in a news release Monday.

Last summer the provincial government committed $4.9 million to expand Bike Share Toronto's network through a partnership between Metrolinx and the TPA, with 20 per cent of the funds going to the Greater Toronto and Hamilton area.

At the time Metrolinx said the the new fleet will be set up near popular transit stations to give commuters the option to use bikes as part of their travel journey.

TPA says that this expansion is a "significant step" toward the authority's goal of creating a world-class bike sharing system in Toronto.