Intel acquires urban ride planning company Moovit for USD900 million

Intel Corporation has announced it has acquired Moovit, a mobility-as-a-service (MaaS) solutions company, for approximately USD900 million (USD840 million net of Intel Capital equity gain).

According to an Intel press release:

“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 USD160 billion opportunity by 2030.

“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.

“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,” said Bob Swan, Intel CEO. “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.”

According to Intel Moovit has established its leadership in the MaaS space with more than 800 million users and services in 3,100 cities across 102 countries.

“Today, Mobileye is the leading automotive solutions partner that enables advanced driver-assistance systems (ADAS) deployed on nearly 60 million vehicles with more than 25 automaker partners.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 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. Upon close, Moovit will join the Mobileye business while retaining its brand and existing 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,” said Professor Amnon Shashua, CEO of Mobileye. “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.”

Moovit was founded in 2012 and is based in Tel Aviv, Israel, with approximately 200 employees. Moovit combines information from public transit operators and authorities with live information from the user community to offer travelers a real-time picture of the best route for their journey. In the past 24 months, Moovit has achieved a seven-times increase in users.

For more information

https://newsroom.intel.com/news-releases/intel-may-2020-acquisition/#gs.5w8615