Intel Purchases Israeli Startup Moovit
Intel said on Monday that it has purchased Israeli urban mobility startup Moovit for $900 million, The Associated Press reported.
The California-based chipmaker said the purchase is part of 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. Last year, Intel announced it would be expanding its operations in Israel and invest some 10 billion dollars in a new plant.
In 2017, Intel closed a $15 billion deal to buy Israeli autonomous technology firm Mobileye, the country’s biggest cross-border high-tech deal ever.
Moovit will join the Mobileye team, accelerating its “ability to truly revolutionize transportation,” Intel said on Monday.
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.
In 2015, Moovit secured an investment from Sound Ventures, a VC firm founded by Ashton Kutcher and Guy Oseary.
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