Israel-based urban mobility app developer Moovit confirmed an acquisition by its existing shareholder, semiconductor producer Intel, for a total consideration of $900m yesterday.
Intel paid $840m, net of the equity gain of its corporate venturing unit Intel Capital. Rumours about a possible acquisition first surfaced over the weekend, when several outlets suggested Intel could pay as much as $1bn.
Founded in 2012, Moovit has built a real-time transit data app for users that pulls in public traffic data and user-generated updates to calculate the most efficient routes. It also offers third-party business access for clients such as municipalities or ride sharing providers such as Uber.
The service currently covers 3,100 cities in 102 countries, where it has attracted more than 800 million users – a sevenfold increase over two years.
Intel will integrate Moovit’s enterprise platform into its autonomous driving technology subsidiary Mobileye, turning it into a full-fledged mobility provider with offerings such as robotaxi services. It will maintain the consumer app under the existing branding.
Nir Erez, co-founder and CEO of Moovit, said: “We are excited to join forces with Mobileye and lead the future revolution of new mobility services. 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.”
Moovit had collected $133m in total funding ahead of the acquisition. Intel Capital led a $50m series D round in 2018, with participation from BMW i Ventures, the corporate venture capital unit of automotive manufacturer BMW, and consumer electronics supplier Hanaco.
NGP Capital, the VC firm backed by communications equipment maker Nokia then known as Nokia Growth Partners, Sequoia Capital, Sound Ventures, Gemini Israel Ventures, Vaizra Investments, Vintage Investments and BRM Group filled out the series D round.
BMW i Ventures, public transport operator Keolis and NGP previously supported a $50m series C round in 2015 together with Bernard Arnault Group, Vaizra Investments, BRM, Gemini and Sequoia.
Moovit’s shareholders also included Sound Ventures, while its early funding came from Sequoia, BRM and Gemini.
– Image courtesy of Moovit
