You like to Moovit? Intel tipped to slurp Israeli mobility startup for $1bn
(2020/05/04)
- Reference: 1588590907
- News link: https://www.theregister.co.uk/2020/05/04/intel_expected_to_acquire_israeli/
- Source link:
Intel is being linked with the takeover of Israeli public transit startup Moovit for a cool $1bn, in order to beef up its portfolio in the mobility and transportation markets.
Talk of the Chipzilla deal began circulating on Sunday - the start of the Israeli working week. According to local Hebrew-language business paper [1]The Marker , both firms have been in negotiations for six months.
The deal has many of the elements of an acqui-hire, with 10 per cent of the purchase price ($100m) to be shared amongst its employees as a retention package. Moovit's website [2]claims it has over 210 employees , with the bulk located in its headquarters, based in the small city of Ness Ziona, on the outskirts of Tel Aviv.
Moovit also has smaller satellite offices, including ones in San Francisco, Rio de Janeiro, London, Sydney, and Istanbul.
The Register contacted Moovit and a representative said: “All I can say is no comment at the moment.” We have also contacted Intel, and have yet to hear a response.
Founded in 2012, Moovit has created an app that provides public transportation data to users, based on information obtained from providers themselves, as well as crowdsourced intelligence. It also licenses its data to third parties, including Uber and Lyft, Waze, and Microsoft.
So far, Moovit has received over $131.5m in funding. Its last round — a series D led by Intel Capital — was in 2018, and saw the company raise $50m for a valuation north of $500m.
This wouldn't be Intel's first foray into the transportation sector. In 2017, it [3]acquired Mobileye , a startup that builds tech for self-driving cars, for $15.3bn. This was, and remains, the largest purchase in Israeli startup history.
Moovit's product gives a broader picture of a city's transportation, providing real-time information on buses and trams to the user. Mobileye is focused on the here-and-now, with chips and algorithms that are intended to avoid collisions and direct vehicles through dense traffic.
All car sales, including those of an autonomous flavour, are suffering in the current climate, but Intel is looking toward calmer years when the crisis may be but a distant memory. ®
Sponsored: [4]How To Accelerate Brilliant Digital Experiences With Low-Code
[1] https://www.themarker.com/technation/.premium-1.8816363
[2] https://company.moovit.com/about-us/
[3] https://www.theregister.co.uk/2017/03/13/intel_buys_mobileye_for_15bn/
[4] https://go.theregister.co.uk/tl/1936/-8552/how-to-accelerate-brilliant-digital-experiences-with-low-code?td=wptl1936
Talk of the Chipzilla deal began circulating on Sunday - the start of the Israeli working week. According to local Hebrew-language business paper [1]The Marker , both firms have been in negotiations for six months.
The deal has many of the elements of an acqui-hire, with 10 per cent of the purchase price ($100m) to be shared amongst its employees as a retention package. Moovit's website [2]claims it has over 210 employees , with the bulk located in its headquarters, based in the small city of Ness Ziona, on the outskirts of Tel Aviv.
Moovit also has smaller satellite offices, including ones in San Francisco, Rio de Janeiro, London, Sydney, and Istanbul.
The Register contacted Moovit and a representative said: “All I can say is no comment at the moment.” We have also contacted Intel, and have yet to hear a response.
Founded in 2012, Moovit has created an app that provides public transportation data to users, based on information obtained from providers themselves, as well as crowdsourced intelligence. It also licenses its data to third parties, including Uber and Lyft, Waze, and Microsoft.
So far, Moovit has received over $131.5m in funding. Its last round — a series D led by Intel Capital — was in 2018, and saw the company raise $50m for a valuation north of $500m.
This wouldn't be Intel's first foray into the transportation sector. In 2017, it [3]acquired Mobileye , a startup that builds tech for self-driving cars, for $15.3bn. This was, and remains, the largest purchase in Israeli startup history.
Moovit's product gives a broader picture of a city's transportation, providing real-time information on buses and trams to the user. Mobileye is focused on the here-and-now, with chips and algorithms that are intended to avoid collisions and direct vehicles through dense traffic.
All car sales, including those of an autonomous flavour, are suffering in the current climate, but Intel is looking toward calmer years when the crisis may be but a distant memory. ®
Sponsored: [4]How To Accelerate Brilliant Digital Experiences With Low-Code
[1] https://www.themarker.com/technation/.premium-1.8816363
[2] https://company.moovit.com/about-us/
[3] https://www.theregister.co.uk/2017/03/13/intel_buys_mobileye_for_15bn/
[4] https://go.theregister.co.uk/tl/1936/-8552/how-to-accelerate-brilliant-digital-experiences-with-low-code?td=wptl1936
Perhaps
I would welcome MS to enter the war arena that looks so monopolistic.