Intel Buys Moovit For $900 Million

Moovit

Did you think Intel’s acquisition of Mobileye in 2017 was big news? Well it was. But it didn’t spell the end of the chipmaker’s investments in Israel. Not by a longshot.

Today Intel announced that it has bought Moovit for roughly $900 million, merging the mobility-as-a-service provider with Mobileye and further expanding the company’s reach into Israel’s fast-growing smart-mobility tech sector.

Founded in 2012 and based in Tel Aviv, Moovit specializes in tracking public transit in real time, helping users plan their transportation with greater accuracy. In the past eight years, Moovit has reached over 800 million users in 3,100 cities within 102 countries around the world, working in the process with more than 7,500 transit companies.

“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 Mobileye CEO Amnon Shashua. “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.”

Prior to the acquisition, Moovit had raised $130 million in funding, nearly half of which had come from Intel already, with the rest coming from venture-capital investments.

As substantial as it is, though, the Moovit acquisition is not Intel’s first investment in Israel, or its largest. The tech giant has poured over $35 billion into the Mediterranean enclave in the past half century. It spent over $50 million on software developer Invision in 2011, $2 billion to buy machine-learning company Habana Labs in 2019, and over $15 billion on Mobileye in 2017 – not to mention the sums it’s shelled out on acquisitions of companies like Telmap, Omek Interactive, and Replay Technologies. Today Intel has five R&D centers across the country, encompassing some 13,000 employees – more than an eighth of its global workforce.

“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. “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.”