Confirming reports during the weekend, Intel today announced it has acquired Moovit, 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 multimodal trip planning by combining public transportation, bicycle and scooter services, ride-hailing, and car-sharing. 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.
“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 Bob Swan, Intel CEO. “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 has more than 800 million users and services in 3,100 cities across 102 countries. Today, Mobileye Intel's automotive solutions partner that enables advanced driver-assistance systems (ADAS) deployed on nearly 60 million vehicles with more than 25 automaker partners.
Intel says that Mobileye is "a growth engine" for the company, as it transforms for a world where the exponential growth of data fuels demand for technology solutions that can process, move and store more data faster. 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 close, Moovit will join the Mobileye business while retaining its brand and existing partnerships.
Moovit was founded in 2012 and is based in Tel Aviv, Israel, with approximately 200 employees. Moovit has also signed strategic partnership agreements with major ride-sharing operators and mobility ecosystem companies for analytics, routing, optimization and operations for MaaS. With this 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 more than 7,500 key transit agencies and operators, and improve the consumer experience for more than 800 million users worldwide. Moovit’s consumer applications and user experience will continue under its own brand.
Intel acquired Mobileye in 2017. Since then, Mobileye revenues have more than doubled on the increased adoption of ADAS based on Mobileye’s technology. Mobileye’s vision-safety technology aims to make roads safer, reduce traffic congestion and save lives. Mobileye provides a complete autonomous vehicle solution stack. Mobileye’s business model encompasses the entire automated driving value chain, including the front-facing camera that powers most of today’s ADAS, conditional autonomy – also known as level 2+ – and the self-driving system (SDS) for self-driving shuttles and robotaxis as well as consumer autonomous vehicles (AVs). 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.