Friday, June 5th | 13 Sivan 5780

Subscribe
May 6, 2020 9:06 am

Intel Buys Israel’s Moovit App for $900 Million

avatar by JNS.org

An Intel logo is seen at the company’s offices in Petah Tikva, near Tel Aviv on October 24, 2011. Photo: REUTERS/Nir Elias/File Photo.

JNS.org – Intel, the world’s largest chip-maker, is buying Israeli app Moovit for $900 million, in a move meant to advance its plan to develop self-driving cars.

The purchase of the eight-year-old Israeli company, that collects information on transportation services, was announced on Monday, according to the AP. Moovit helps users plan their trips by using the data it gathers from public transportation, ride-hailing services and other services.

Intel plans to combine Moovit with Mobileye, another Israeli firm, which specializes in self-driving technology and which Intel bought for $15 billion in 2017.

Mobileye revenue jumped from $210 million in 2017 to $879 million last year, according to the report.

Related coverage

June 5, 2020 10:38 am
0

Iran Frees American, US Allows Dual Citizen to Visit Iran in Deal

A US Navy veteran who said he contracted the coronavirus while detained in Iran since 2018 was freed on Thursday...

Mobileye CEO Amnon Shashua is going to manage Moovit, which will come under Mobileye’s aegis. Moovit Co-founder and CEO Nir Erez will become an executive vice president of the Mobileye group.

Intel had previously invested in Moovit in 2018.

Share this Story: Share On Facebook Share On Twitter

Let your voice be heard!

Join the Algemeiner

Algemeiner.com

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.