Intel buys Israel’s Moovit app for $900 million

May 6, 2020 by JNS
Read on for article

Intel, the world’s largest chip-maker, is buying Israeli app Moovit for $900 million, in a move meant to advance its plan to develop self-driving cars.

Intel IDC9 building in Haifa. Credit: xiquinhosilva/Wikimedia Commons.

The purchase of the eight-year-old Israeli company, that collects information on transportation services, was announced on Monday, according to the AP. Moovit helps users plan their trips by using the data it gathers from public transportation, ride-hailing services and other services.

Intel plans to combine Moovit with Mobileye, another Israeli firm, which specializes in self-driving technology and which Intel bought for $15 billion in 2017.

Mobileye revenue jumped from $210 million in 2017 to $879 million last year, according to the report.

Mobileye CEO Amnon Shashua is going to manage Moovit, which will come under Mobileye’s aegis. Moovit co-founder and CEO Nir Erez will become an executive vice president of the Mobileye group.

Intel had previously invested in Moovit in 2018.

JNS

Speak Your Mind

Comments received without a full name will not be considered
Email addresses are NEVER published! All comments are moderated. J-Wire will publish considered comments by people who provide a real name and email address. Comments that are abusive, rude, defamatory or which contain offensive language will not be published

Got something to say about this?

This site uses Akismet to reduce spam. Learn how your comment data is processed.