Intel Corporation (INTC) Buys Moovit For About $900 Million

By Amit Chowdhry ● May 4, 2020
  • Intel Corporation (NASDAQ: INTC) announced it has acquired Moovit, which is a mobility-as-a-service (MaaS) solutions company for approximately $900 million

Intel Corporation (NASDAQ: INTC) announced it has acquired Moovit, which is a mobility-as-a-service (MaaS) solutions company 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. And 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.

Moovit is a Mobility-as-a-Service (MaaS) platform company known for its mobile application that provides public transit and navigation data to simplify urban mobility in 3,100 cities around the world. And the app experience will not change and the company will continue to serve users, customers, and partners.

“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 Intel Corporation (NASDAQ: INTC) CEO Bob Swan. “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 is a leader in the MaaS space with more than 800 million users and services in 3,100 cities across 102 countries. And today, Mobileye is the leading automotive solutions partner that enables advanced driver-assistance systems (ADAS) deployed on almost 60 million vehicles with more than 25 automaker partners.

Mobileye is considered 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. And 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 the closing of the deal, 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,” added 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.”

Moovit launched in 2012 and is based in Tel Aviv, Israel with approximately 200 employees. And Moovit combines information from public transit operators and authorities with live information from the user community to offer travelers a real-time picture of the best route for their journey.

Over the past couple of years, Moovit has achieved a seven-times increase in users. And Moovit has also signed strategic partnership agreements with major ride-sharing operators and mobility ecosystem companies for analytics, routing, optimization, and operations for MaaS.

Through the acquisition, Mobileye will be able to use Moovit’s large proprietary transportation dataset to optimize predictive technologies based on customer demand and traffic patterns as well as tap into Moovit’s transit data repository of over 7,500 key transit agencies and operators, and improve the consumer experience for more than 800 million users worldwide.

“We are excited to join forces with Mobileye and lead the future revolution of new mobility services,” explained 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.”

Intel had acquired Mobileye in 2017. And since then, Mobileye revenues have more than doubled on the increased adoption of ADAS based on Mobileye’s industry-leading technology. Plus Mobileye’s vision-safety technology aims to make roads safer, reduce traffic congestion, and save lives.

Mobileye provides an autonomous vehicle solution stack that is technically advanced and provides agility and safety. It can also cope with a wide variety of driving complexities.

Mobileye’s business model covers the entire automated driving value chain, including the front-facing camera that powers most of today’s ADAS, conditional autonomy (known as level 2+) and the self-driving system (SDS) for self-driving shuttles and robotaxis as well as consumer autonomous vehicles (AVs). And Mobileye has strong performance in every one of these categories with advanced vision sensing technology, crowd-sourced mapping capability (REM) and the Responsibility-Sensitive Safety (RSS) driving policy.

By combining technologies as part of Intel and Mobileye, Moovit will advance the company’s MaaS strategy and the global adoption of autonomous transportation.