Intel Corporation has acquired Israeli mobility app Moovit for about $900 million.
With the deal, Moovit, a trip-planning app that combines public transit, bicycle and scooter services as well as ride-share services, will aid Intel-owned Mobileye in developing its self-driving vehicle technology.
Says Intel CEO Bob Swan: “Mobileye’s ADAS [advanced driver-assistance systems] technology is already improving the safety of millions of cars on the road, and Moovit accelerates their ability to truly revolutionize transportation - reducing congestion and saving lives - as a full-stack mobility provider.”
Founded in 2012, Movit is a mobility-as-a-service (MaaS) platform that has more than 800 million users and services across 3,100 cities and 102 countries.
Mobileye, which Intel acquired in 2017 for $15.3 billion, has deployed its self-driving technology in nearly 60 million vehicles with more than 25 automaker partners.
Subscribe to our newsletter below
As part of the deal, Moovit co-founder and CEO Nir Erez will become an executive vice president at Mobileye and vice president at Intel, while keeping his role as Moovit CEO; Moovit will retain its existing brand and partnerships.
“Moovit’s massive global user base, proprietary transportation data, global editors community, strong partnerships with key transit and mobility ecosystem partners and highly skilled team is what makes them a great investment,” says Mobileye CEO Professor Amnon Shashua.
“Moovit is a strong brand trusted by hundreds of millions of people globally. Together, with Mobileye’s extensive capabilities in mapping and self-driving technology, we will be able to accelerate our timeline to transform the future of mobility.”