Intel Buys Israel's Urban Mobility Startup Moovit for $900 Mn

Intel said Monday that it has purchased Israeli urban mobility startup Moovit for USD 900 million.

The California-based chipmaker said the purchase buttresses its plan to become a “complete mobility provider." The acquisition deepens Intel's reach in Israel, where the company has spent billions buying other companies, and where it has a chip-making factory.

Founded in 2012 and based out of Tel Aviv, Israel, with approximately 200 employees, Moovit is a Mobility-as-a-Service (MaaS) platform company best known for its mobile application that provides public transit and navigation data to simplify urban mobility in 3,100 cities around the world. The app experience will not change and the company will continue to serve users, customers and partners with the exceptional level of service, professionalism and dedication they’ve come to expect.

Post acquisition, Moovit will join the Mobileye business while retaining its brand and existing partnerships.

Intel Corp. paid USD 15 billion in 2017 to acquire Mobileye, an Israeli company at the forefront of autonomous vehicle technology. Since then, Mobileye revenues have more than doubled on the increased adoption of ADAS (Advanced Driver Assistance Systems) technology and the mobility firm has been a growth engine for Intel as the company transforms for a world where the exponential growth of data fuels demand for technology solutions that can process, move and store more data faster. Intel is investing and expanding to serve new data-rich market opportunities, including the fast-growing market for ADAS, data and MaaS technologies, which together represent an opportunity totaling more than $230 billion by 2030.

Moovit is known for its urban mobility application that offers travelers around the world the best multimodal trip planning by combining public transportation, bicycle and scooter services, ride-hailing, and car-sharing. The addition of Moovit brings Intel’s Mobileye closer to achieving its plan to become a complete mobility provider, including robotaxi services, which is forecast to be an estimated $160 billion opportunity by 2030.

Nir Erez , CEO and co-founder of Moovit, will be joining Mobileye’s executive team as an executive vice president. (Credit: Moovit)

That purchase created another major player in self-driving technology and strengthened predictions that autonomous cars will someday come in large numbers and change the way people get around.

Moovit will join the Mobileye team, accelerating its "ability to truly revolutionize transportation,” Intel said.

Using information from users and bus and train schedules, Moovit's app provides urban transit solutions, combining public transport schedules and options with taxis, bicycles, electric scooters and more, to provide a comprehensive picture of how best to travel.

"Combining the daily mobility habits and needs of millions of Moovit users with the state-of-the-art, safe, affordable and eco-friendly transportation enabled by self-driving vehicles, we will be able to make cities better places to live in,” said Nir Erez, Moovit's chief executive.

Moovit has more than 800 million users and services in 3,100 cities across 102 countries, according to Intel.

~ With Inputs from PTI


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