Intel Corporation has recently signed acquisition with Moovit for approximately $900 million ($840 million net of Intel Capital equity gain). 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 robotaxi services, which is forecast to be an estimated $160 billion 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 has established its leadership in the MaaS space with more than 800 million users and services in 3,100 cities across 102 countries. Today, Mobileye is the leading automotive solutions partner that enables advanced driver-assistance systems (ADAS) deployed on nearly 60 million vehicles with more than 25 automaker partners.
Mobileye is a growth engine for Intel as the company transforms for 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, 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 Professor 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.”