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Intel to Buy Driverless Tech Company Mobileye for $15.3 Billion
14 March 2017, 12:39 | Muriel Sparks
People walk under Intel logo at Mobile World Congress in Barcelona Spain
The fact that Mobileye was purchased by Intel, rather than an OEM or Tier 1 supplier, should be a good thing, according to Ben Volkow, CEO of Otonomo (another Israeli automotive tech company).
It is the biggest technology takeover in Israel's history and the largest purchase of a company exclusively focused on self-driving.
In a statement announcing the deal, Intel claims that the market for various vehicle systems could be worth about $70 billion by the year 2030, and the deal with Mobileye puts the chip maker in competition with new-era auto companies such as Tesla, as well as old rival such as Qualcomm, which recently acquired chip maker NXP.
Intelsaid: "The acquisition will couple the best-in-class technologies from both companies, including Intel's high-performance computing and connectivity expertise and Mobileye's leading computer vision expertise to create automated driving solutions from the cloud through the network to the auto". The acquisition process has begun, and will be completed in nine months.
Mobileye generated $358 million in revenue past year and $108 million in net income, meaning it's getting taken out at 42.7 times sales and 141.7 times earnings. The company is known for their computer vision technology which aids a number of operations.
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Self-driving cars are widely seen as the future of transportation and a growth area, but the Intel deal depends on more than technology as it looks to expand revenue in an increasingly competitive nascent sector. Most importantly, a test with 40 self-driving cars, in partnership with BMW, will continue as scheduled, meaning that this technology is only going to get closer. By acquiring Mobileye, Intel is expanding its portfolio with products as diverse as cameras, sensor chips, in-car networking and roadway mapping, as well as machine learning solutions. The company is now going to lead Intel's autonomous driving division, which will be based in Israel.
Intel just became a bigger player in the realm of autonomous driving, announcing its planned acquisition of Mobileye today.
Aviram reportedly told Netanyahu that the company and its research would remain based in Israel.
Mobileye NV (NYSE:MBLY) was downgraded by equities researchers at Dougherty & Co from a "buy" rating to a "sell" rating in a research report issued on Monday.
Intel will own Mobileye through one of its subsidiaries, which will pay $63.54 per share.
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