Last updated on May 4, 2020
Chipmaker Intel Corp is in advanced talks to acquire Israeli public transit program developer Moovit for about $ 1 billion, financial information site Calcalist reported Sunday.
Officials in Intel Israel and Moovit failed to comment on the report.
Calcalist reported that individuals with all the discussions, who spoke on condition of anonymity, said the arrangement is quite close to being signed.
Moovit’s free cellular navigation program offers transit data to over 750 million consumers in 100 nations.
It launched a crisis mobilization assistance, which was made for transit services and partnerships throughout the COVID-19 pandemic. The technology transforms automobile fleets to on-demand support to acquire essential employees securely to operate and has been executed in several towns by big businesses.
Intel has made considerable strides in Israel, with obtained autonomous vehicle technology supplier Mobileye for about $15.3 billion in 2017. In December it purchased Israeli artificial intelligence company Habana Labs for about $ 2 billion.