Business

Intel buys mobility app Moovit for nearly $900 million

The chipmaker plans to accelerate the improvement of its Mobileye driver assistance platform with Moovit's systems

Intel buys Moovit for $900M to grow as a mobily provider. Photo: Shutterstock
  • Moovit is a Israel-based company known for its urban mobility app that offers travelers multimodal trip plannings;
  • The acquisition – $840 million net of Intel Capital equity gain –brings Intel’s Mobileye closer to achieving its plan to become a complete mobility provider.

Intel announced on Monday it had bought Moovit, a mobility-as-a-service (MaaS) solutions company for nearly $900 million. Moovit is a Israel-based company known for its urban mobility app that offers travelers multimodal trip plannings by combining public transportation, bicycle and scooter services, ride-hailing and car-sharing.

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The acquisition – $840 million net of Intel Capital equity gain – brings Intel’s Mobileye closer to achieving its plan to become a complete mobility provider, including robotaxi services, which are forecast to generate $160 billion by 2030, according to the company.

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

Bob Swan, Intel CEO, in a press statement

According to the company, Mobileye is 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 has acquired it in 2017. Since then, Mobileye revenues have more than doubled on the increased adoption of ADAS [advanced driver-assistance systems] based on Mobileye’s industry-leading technology. By working together as part of Intel and Mobileye, Moovit will advance the company’s MaaS strategy and the global adoption of autonomous transportation.