Intel Corp. acquired Moovit for approximately $900 million to boost the tech company’s position as a complete mobility service provider when teamed with Mobileye, Intel’s advanced driver assistance system and autonomous technology unit.
Moovit is an Israeli mobility-as-a-service (MaaS) solutions company known for its urban mobility app that offers travelers around the world the best multimodal trip planning by combining public transportation, bicycle and scooter services, ride-hailing and car-sharing.
“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,” he added.
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 trip at that moment. In the past 24 months, the company’s user base has grown seven-fold.
It already has more than 800 million users and services around the world. Swan said once the deal is closed, Moovit will join the Mobileye business unit while retaining its brand name and existing partnerships around the world.
Mobileye is a growth engine for Intel as the company makes a transition to 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 or advanced driver assistance systems data and MaaS technologies, which together will represent a business opportunity that is expected to total more than $230 million by the end of the decade.
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.
Moovit is 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 data can now be channeled into navigation systems critical to autonomous vehicles.
The company’s app experience will not change with Intel’s acquisition and it will continue to serve users, customers and partners as usual, Intel officials noted.