$1 billion buyout in the middle of a pandemic
The local tech sector is abuzz with reports of a huge buyout on its way.
Intel is said to be buying Moovit for a whopping $1 billion.
And that would make sense considering Covid-19 is being highlighted as the catalyst needed to change the travel sector.
Moovit is a journey planner app that has been changing the way people get around since 2012. It is considered one of Israel's most important world-changing innovations.
Intel has a history of sizable investments and collaborations with Israeli tech companies.
The Moovit buyout reaffirms the local tech sector as a good place with which to collaborate.
Indeed, the pandemic hit and disrupted the local high-tech sector. But every CEO or investor I've interviewed these last few weeks have said that Israeli tech is strong enough to overcome this disaster.
Intel's other big purchases of local tech companies include autonomous vehicle technology provider Mobileye for $15.3 billion in 2017 and artificial intelligence firm Habana Labs for $2 billion last year.