Mo­bil­eye in record sale

The Jewish Chronicle - - WORLD NEWS - BY SI­MON GRIVER

TECH GI­ANT In­tel is buy­ing Jerusalem-based driver­less sys­tems devel­oper Mo­bil­eye for $15.3 bil­lion (£12.5bn).

The deal is by far the big­gest ever ac­qui­si­tion of an Is­raeli com­pany, shat­ter­ing the pre­vi­ous record exit when War­ren Buf­fett’s Berk­shire Hath­away paid $6 bil­lion (£4.9bn) for Is­raeli metal cut­ting tools devel­oper Is­car.

In­tel is pay­ing a huge pre­mium for the com­pany, which had a value of $10.5 bil­lion (£8.5bn) at close of trade on Wall Street on Fri­day evening.

In­tel said it would merge Mo­bil­eye with its own au­to­mated driv­ing group, and head­quar­ter the com­bined com­pany in Is­rael.

In­tel CEO Brian Krzanich said: “Mo­bil­eye brings the in­dus­try’s best automotive-grade com­puter vi­sion and strong mo­men­tum with au­tomak­ers and sup­pli­ers. To­gether, we can ac­cel­er­ate the fu­ture of au­tonomous driv­ing.”

Founded in 1999, Mo­bil­eye’s ideas were far ahead of their time and it strug­gled to find in­vestors. The big­gest share­hold­ers were founders chair­man Am­non Shashua, CEO Ziv Avi­ram and Is­raeli car im­porter Dr Sh­muel Har­lap.

Mr Avi­ram said: “By pool­ing to­gether our in­fra­struc­ture and re­sources, we can en­hance and ac­cel­er­ate our com­bined know-how in the ar­eas of map­ping, vir­tual driv­ing, sim­u­la­tors, de­vel­op­ment tool chains, hard­ware, data cen­tres and high-per­for­mance com­put­ing plat­forms.”

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