Intel Corp. has acquired the Israeli travel route planner Moovit for a £800m ($1 billion) package that includes keeping its current employees.
Moovit is best known for its urban mobility application that offers travellers the ability to plan a trip by combining public transportation, bicycle and scooter services, ride hailing and car sharing. It has more than 800 million users and services in 3,100 cities across 102 countries.
Intel made the announcement on Monday.
“The addition of Moovit brings Intel’s Mobileye closer to achieving its plan to become a complete mobility provider, including robotaxi services, which is forecast to be an estimated £128bn ($160 billion) opportunity by 2030,” the Silicon Valley tech firm said in its statement.
Intel will pay £722m ($900 million) to purchase the Tel Aviv-based company and another £80m ($100 m) to keep its approximately 200 employees, according to the Israeli business daily Globes. Moovit was founded in 2012.