Tech giant and chipmaker Intel Corporation recently announced it has acquired Israel-based Moovit, a mobility-as-a-service (MaaS) solutions company, for approximately $900mn.
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 Robo-taxi services, which is forecast to be an estimated $160bn opportunity by 2030.
“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.”
Moovit claims to be the leader in MaaS space with more than 800mn users and services in 3,100 cities across 102 countries, while Mobileye is the leading automotive solutions partner that enables advanced driver-assistance systems (ADAS) deployed on nearly 60mn vehicles with more than 25 automaker partners.
Lately, Intel has been 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 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,” he added.
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.
With this acquisition, Mobileye will be able to use Moovit’s large proprietary transportation dataset to optimize predictive technologies based on customer demand and traffic patterns, as well as tap into Moovit’s transit data repository of more than 7,500 key transit agencies and operators, and improve the consumer experience for more than 800 million users worldwide. Moovit’s consumer applications and user experience will continue under its own brand.
“We are excited to join forces with Mobileye and lead the future revolution of new mobility services,” said Nir Erez, Moovit co-founder and CEO.
He further added, “Mobility is a basic human right, and as cities become more crowded, urban mobility becomes more difficult. 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. We share this vision and look forward to making it a reality as part of Mobileye.”
Intel acquired Mobileye in 2017. Since then, Mobileye revenues have more than doubled on the increased adoption of ADAS based on Mobileye’s industry-leading technology.
Mobileye’s vision-safety technology aims to make roads safer, reduce traffic congestion and save lives. Mobileye provides a complete autonomous vehicle solution stack that is technically advanced, provides unmatched agility and safety, and copes with a wide variety of driving complexities.
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