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 Intel Confirms Acquisition Of Israel’s Moovit In $900M Mobility App

By  |  May 4, 2020

This weekend, various media outlets reported that Intel Corp. was poised to scoop up public transport app startup Moovit for about US$1 billion.

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    An Israeli company with an office in San Francisco, Moovit also has created a mobility journey planner app. This morning, the tech giant confirmed the acquisition but at a price of US$900 million. The buy marks Intel’s first known buy of 2020, according to Crunchbase data.

    Moovit operates as a software-as-a-service provider and has 800 million users across all platforms, according to its website. It offers its services in 3,200 cities across 103 countries. Moovit first launched as a free app in 2012 for iOS, Android and Web browsersto help “guide people in getting around town effectively and conveniently using any mode of transit.”

    The company has raised US$131.5 million over its lifetime, according to Crunchbase data. Intel’s venture arm, Intel Capital, led the company’s US$50 million Series D in February 2018, according to Crunchbase, which shows that at the time the company was valued at US$131.5 million. So, an acquisition for a US$900 million purchase price just two years later is impressive.

    Full Content: Crunch Base

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