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Intel Set to Purchase Israel's Moovit for $1 Billion

American chipmaker Intel will reportedly agree to a $1 billion acquisition of Israeli transportation app developer Moovit in the coming days. Negotiations between Silicon Valley and Ness Ziona firms commenced about six months ago, with approximately 10% of the purchase price expected to be paid to retain workers for the next two years. Launched in 2011, the Moovit app and website assists individuals in planning and navigating their way around urban areas, using all modes of available transportation. The company says it has served more than 720 million users in some 3,100 cities, spanning six continents. Moovit uses up to six billion anonymous data points daily “to add to the world’s largest repository of transit and urban mobility data,” the company said. In addition to its popular app, the company also provides analytics platforms to cities, transit authorities, and businesses, enabling optimized planning and operations for residents and employees. (VFI News)