Reports on May 3 said chip giant Intel is on the verge of buying Israeli mobile navigation startup Moovit for $1 billion. If the deal is finalized, it would mark Intel's latest high-profile acquisition of a local startup company.
Sources were quoted as saying that the two sides are "very close" to an agreement. There was no immediate confirmation from either company.
Moovit uses big data analytics and artificial intelligence to provide real-time information on the fastest public transportation routes in over 3,000 cities worldwide. The app is said to have nearly 800 million users.
Intel, one of Israel's biggest exporters, previously acquired Israeli autonomous vehicle technology company Mobileye in 2017 for $15.3 billion and Israeli artificial intelligence firm Habana Labs in December 2019 for $2 billion.