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Intel in talks to buy Israel's $1 billion Moovit public transit app

Image:-intel processor

Chipmaker Intel Corp is in advanced talks to acquire Moovit for $1 billion from Israeli public transit app developer, financial news website Calcalist reported Sunday.

Moovit has raised $133 million from investors including Intel, Sequoia Capital and BMW iVentures.

Intel Israel and Moovit officials had declined to comment on the report.

Calcalist reported that the deal is very close to being signed by people with knowledge of the talks, who spoke on condition of anonymity.

The free mobile Navigation app from Moovit provides transit information to over 750 million users in 100 countries.

It launched an emergency mobilization service last month which was created during the COVID-19 pandemic for transit agencies and companies. The technology is transforming vehicle fleets into an on-demand service to safely get essential employees to work and has been implemented by large corporations in a number of cities.

Intel has already made significant investments in Israel, in 2017 having acquired Mobileye, an autonomous vehicle technology provider, for $15.3 billion. In December it purchased $2 billion from Israeli artificial intelligence firm Habana Labs.