Intel Acquires Moovit for $900 Million, Intends To Enrich Mobileye
May 5, 2020Intel has acquired Moovit, a mobility-as-a-service company for about $900 million. Moovit, based in Tel Aviv, Israel, offers its users information on public transportation, bicycle and scooter services, ride-hailing, and car-sharing. Said data allows for better trip planning and reduction in congestion.
At this time, Moovit has more than 800 million users and services 3,100 cities across 102 countries. Intel plans to harness said data to enrich the functionality and effectiveness of Mobileye, another Intel company. It’s a mobility provider of assisted driving technologies for vehicles that include robotaxi services.
Photo Credit: Intel
Intel sees this as an opportunity to expand into a sector that is still in its infancy. Transportation data, traffic patterns and congestion, will help improve driverless tech and at the same time, increase road safety as well as save lives. The Chip maker estimates that this new minted partnership will allow it to eventually create a $230 billion business by 2030.
Speaking of the acquisition, Professor Amnon Shashua, CEO of Mobileye, said, “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.”
Photo Credit: Intel
Intel also said, that it has no intention of taking over the wheel, forgive the pun, and instead will allow Moovit to operate independently. Mobileye was acquired by Intel in 2017, and since then, the former’s revenue has more than doubled due to the increased adoption of ADAS (Advanced Driver Assistance Systems) based tech.
