Intel is to buy a urban transit company Moovit, for $1 billion

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Intel is set to acquire the Moovit for a reported $ 1 billion. It’s an Israeli company, has developed a public transport system and the mobility of the travel planner application. The acquisition shouldn’t come as a surprise, given that Intel Capital, the venture capital arm of Intel, one of the shareholders of Moovit. Amnon Shashua, the company’s founder and the CEO of Mobileye, which Intel acquired for $15.3 billion in 2017, sits on the board of directors of Moovit. Also, Read the Intel announces the 10th generation of Desktop the North, Lake’s, central processing units (Cpu’s as well as the world’s fastest gaming processor

The israeli business daily Globes reported that details of the possible acquisition of first. The report also stresses the importance of the deal have not yet been completed. Moovit was founded in 2011, and the Globes reports that it has raised $134 million so far. In the urban environment, the company has a ‘ shareholders, including the Twins, and with the Barkat brothers, BMW, Vintage, Redwood, and Waze founder Uri, This. This also serves as the chairman of the company. Also Read Intel in the 10th gen H-Series CPU, it’s official: A look at the laptops from Asus, Razer, MSI, Lenovo, Acer, and others

Intel is looking to acquire Moovit

In February, In 2018, Intel Capital has invested $50 million in funding round from Moovit. At the time, the co-founder and CEO, Nir Erez, said, “Moovit is expected to exceed 1 billion users by 2021 and a significant increase in the number of cities in which use of the Moovit, the data from google analytics, for the improvement of the urban environment. We are especially excited about our plans to work in conjunction with Mobileye. It is a synergistic relationship has given me a lot of time on the shaping of the future of urban mobility.” Also, Read the Intel announces the 10th generation of the Core, the H-Series of CPU’s, the AMD’s Ryzen’s platform

If Intel goes ahead with the acquisition of Moovit, it will be the second major acquisition for the chipmaker in the past few months in Israel. In Santa Clara, California-headquartered semi-conductor company and had purchased the chipmaker Habana Labs for up to $2 billion by the end of 2019 at the latest. Intel said at the time of purchase, that Habana Labs is a separate business unit and will be led by its current management team.

The acquisition of the Moovit will help Intel enhance its automated driving initiative. Intel is in the driver’s seat, with the Mobileye acquisition, and the company is expected to be a strong backbone for the chipmaker in the future. With Moovit, Intel will have a huge amount of public transport data and data analyses. This may be clubbed with the mobileye in order to innovate for the future of transit experience with automated driving, and the management system.





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