U.S. chip giant Intel Corp is reportedly set to strike an acquisition deal worth $1 billion to buy Israeli public transit app developer Moovit, according to a Sunday report by Calcalist, a website which covers financial news.
The website’s report unveiled that the chipmaker was in advanced talks with the Israeli startup, which raised $133 million from investors including BMW iVentures, Sequoia Capital as well as the acquisition candidate Intel.
Local representatives of Intel in Israel and officials from Moovit did not comment on the reported news.
A Hebrew-language daily The Marker also reported the same in a Sunday report saying the two companies were in discussion for six months and near to sign the acquisition deal.
Moovit’s app and website help out people in planning and making their trips around urban areas of cities by means of all modes of transportation available in those vicinities. Since its launch in 2011, Moovit came serving over 720 million users in 3,100 cities spanning 100 countries of the world, as claimed the company.
By using nearly 6 billion unspecified data points on daily basis, Moovit built up a world’s largest database around urban mobility and travelling statistics, as said the company.
Along with its popular app, Moovit also provide data analysis facilities to city governments, transit authorities and businesses, helping them to optimize their operations and business plans for employees and residents.
If the deal concluded successfully, it would be Intel’s latest in series of acquiring technology companies in the country as in December it signed a deal worth nearly $2 billion to acquire Tel Aviv-based Habana Labs, a startup which develops AI processors.
Previously in August 2017, the U.S. firms acquired autonomous vehicle technology firm Mobileye for $15.3 billion which was not only its largest local acquisition in the country but was also a record exit of an Israeli company so far.