Israel-based urban transit app developer Moovit is in talks with chipmaker Intel, an existing shareholder, for an acquisition priced at approximately $1bn, TechCrunch reported yesterday.
The discussions are in the final stages and an agreement is expected to be signed within days.
Moovit has created a real-time transit data app for drivers that relies on both public traffic data and user-generated updates to calculate the most efficient routes.
The information can also be accessed by third parties, such as municipalities or ride sharing providers such as Uber, to improve their services.
The company’s offering is currently available across 3,100 cities in 102 countries, where it is used by more than 800 million drivers.
Moovit is expected to become part of Intel’s automotive hub in Israel and work alongside Mobileye, the corporate’s autonomous driving technology subsidiary. Moovit’s employees are set to receive approximately 10% of the acquisition price as part of a retention scheme.
Moovit has raised $133m in equity financing to date. It most recently collected $50m in a series D round led by Intel Capital, the corporate’s venture capital unit, in 2018 that reportedly valued it at more than $500m.
BMW i Ventures, the corporate venturing unit of carmaker BMW, and consumer electronics supplier Hanaco also took part in the round.
NPG Capital, the VC firm sponsored 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 backed a $50m series C round in 2015 together with Bernard Arnault Group, Vaizra Investments, BRM, Gemini and Sequoia.
Its investors also include Sound Ventures, while its early funding came from Sequoia, BRM and Gemini.
