UPDATE: Intel has confirmed the acquisition. However, against the $1 Billion figure that was quoted earlier, the acquisition amount is $900 million.
IT giant Intel is currently in “advanced talks” to buy Israeli public transit app developer Moovit for US$ 1 Billion. Israeli financial news website Calcalist first reported the same in its reports.
Moovit Inc has developed a free mobile navigation app, that provides transit information. The app provides information to its users for them to move around cities using public transport, covering more than 100 countries in this quest to figure out the “best way”. In the month of April’20, Moovit launched “emergency mobilization service” for transit agencies and enterprises to help people commute their ways with the COVID-19 pandemic fear looming large. This new service helps employees to reach at their workplace safely.
The app has raised $133 million in venture capital from Intel Capital B, BMW iVentures and Sequoia Capital.
It is speculated that chipmaker Intel plans to integrate Moovit with its automotive business Mobileye, acquired by it in 2017. If this happens, Mobileye and Moovit shall definitely benefit from each other as the former is leading Intel’s autonomous vehicle efforts and the latter’s real-time traffic data and routing capabilities could boost it further.
There have been no comments from the officials both at Intel and Moovit who declined to press on it in public. Calcalist further reported that the transaction is “very close” to being finalised.