Business InsiderTop News

Intel in talks to buy Israel’s Moovit public transit app for $1 billion: media

imageStock Markets18 hours ago (May 03, 2020 07:45AM ET)

(C) Reuters. FILE PHOTO: U.S. chipmaker Intel Corp’s logo is seen on their “smart building” in Petah Tikva, near Tel Aviv

TEL AVIV (Reuters) – Chipmaker Intel Corp (NASDAQ:INTC) is in advanced talks to acquire Israeli public transit app developer Moovit for $1 billion, financial news website Calcalist reported on Sunday.

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

Officials at Intel Israel and Moovit declined to comment on the report.

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

Moovit’s free mobile navigation app provides transit information to more than 750 million users in 100 countries.

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

Intel has made significant investments already in Israel, having acquired autonomous vehicle technology provider Mobileye (F:0ME) for $15.3 billion in 2017. In December it bought Israeli artificial intelligence firm Habana Labs for $2 billion.

Intel in talks to buy Israel’s Moovit public transit app for $1 billion: media

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Related Articles

Back to top button
Close
Close

Get the daily email that makes reading the news actually enjoyable. Stay informed and entertained, for free.

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!