Moovit is a MaaS Solutions Company Known for
Its Popular Urban Mobility App
Intel Corporation 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 the best 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.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20200504005508/en/
Moovit is a Mobility-as-a-Service (MaaS)
platform company best known for its mobile application that
provides public transit and navigation data to simplify urban
mobility in 3,100 cities around the world. Intel Corporation
announced on May 4, 2020, that it would acquire the company. The
app experience will not change and the company will continue to
serve users, customers and partners with the exceptional level of
service, professionalism and dedication they’ve come to expect.
(Credit: Moovit)
“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 established its leadership in the MaaS space with
more than 800 million users and services in 3,100 cities across 102
countries. Today, Mobileye is the leading automotive solutions
partner that enables advanced driver-assistance systems (ADAS)
deployed on nearly 60 million vehicles with more than 25 automaker
partners.
Mobileye is 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. 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’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,” said 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 was founded in 2012 and is based in Tel Aviv, Israel,
with approximately 200 employees. 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. In the past 24 months, Moovit has
achieved a seven-times increase in users. 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.
“We are excited to join forces with Mobileye and lead the future
revolution of new mobility services,” said 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 acquired Mobileye in 2017. Since then, Mobileye revenues
have more than doubled on the increased adoption of ADAS based on
Mobileye’s industry-leading 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 that is technically advanced, provides unmatched
agility and safety, and copes with a wide variety of driving
complexities.
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.
By working together as part of Intel and Mobileye, Moovit will
advance the company’s MaaS strategy and the global adoption of
autonomous transportation.
About Intel Intel (Nasdaq: INTC), is an industry leader,
creating world-changing technology that enables global progress and
enriches lives. Inspired by Moore’s Law, we continuously work to
advance the design and manufacturing of semiconductors to help
address our customers’ greatest challenges. By embedding
intelligence in the cloud, network, edge and every kind of
computing device, we unleash the potential of data to transform
business and society for the better. To learn more about Intel’s
innovations, go to newsroom.intel.com and intel.com.
© Intel Corporation. Intel, the Intel logo, and other Intel
marks are trademarks of Intel Corporation or its subsidiaries.
Other names and brands may be claimed as the property of
others.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20200504005508/en/
Trey Campbell Investor Relations +1 (503) 696 2829
trey.s.campbell@intel.com
Cara Walker Media Relations +1 (503) 696-0831
cara.walker@intel.com
Intel (NASDAQ:INTC)
Historical Stock Chart
From Apr 2024 to May 2024
Intel (NASDAQ:INTC)
Historical Stock Chart
From May 2023 to May 2024