Intel confirms Moovit acquisition

Nir Erez and Roy Bick  / Photo: Eyal Izhar, Globes

Intel will pay $900 million for the Israeli public transport journey planner app developer and another $100 million to keep Moovit's employees.

Intel Corp. today announced that it has acquired Israeli mobility-as-a-service (MaaS) solutions company Moovit for $900 million ($840 million net of Intel Capital equity in the company). Reports in Israel say that Intel will also pay $100 million to Moovit's staff to keep them at the company for a set period.

Intel said that, "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."

Intel CEO Bob Swan said, " "Intel’s purpose is to create world-changing technology that enriches the lives of every person on Earth, and our Mobileye team delivers on that purpose every day. Mobileye’s ADAS 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."

Mobileye CEO and Moovit board member Amnon Shashua said, "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. 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."

Based in Tel Aviv, with 200 employees, Moovit was founded in 2012 by CEO Nir Erez, VP Operations Roy Bick, and Yaron Evron, who has since left the company. Moovit has raised $134 million from Gemini, BRM, Vintage, Sequoia and Waze founder Uri Levin, who also serves as Moovit's chairman, and others.

Erez said, "We are excited to join forces with Mobileye and lead the future revolution of new mobility services. Mobility is a basic human right, and as cities become more crowded, urban mobility becomes more difficult. 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. We share this vision and look forward to making it a reality as part of Mobileye."

Published by Globes, Israel business news - www.globes-online.com - on May 4, 2020

© Copyright of Globes Publisher Itonut (1983) Ltd. 2020

Nir Erez and Roy Bick  / Photo: Eyal Izhar, Globes
Nir Erez and Roy Bick / Photo: Eyal Izhar, Globes
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