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Intel Buys Israel’s Moovit App for $900 Million
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by JNS.org
An Intel logo is seen at the company’s offices in Petah Tikva, near Tel Aviv on October 24, 2011. Photo: REUTERS/Nir Elias/File Photo.
JNS.org – 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.
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.
