Moove Enhances Global Mobility Leadership with Kovi Acquisition
Deal News | Jan 29, 2025 | PR Newswire Cision Moove
Moove, a global leader in mobility, has acquired Kovi, a company specializing in urban mobility based in São Paulo, Brazil. The acquisition aims to bolster Moove's presence in the rapidly growing Latin American market and augment its global fleet to 36,000 vehicles. Moove plans to order 15,000 vehicles annually to meet rising demand. This strategic move enhances Moove's annual recurring revenue to over $275 million and extends its operations to 19 cities globally. The integration of Kovi’s proprietary IoT software and advanced driver behavior algorithms will support Moove's focus on AI-driven mobility solutions. The acquisition is awaiting Brazil's antitrust approval.
Sectors
- Mobility Services
- Automotive Technology
Geography
- Brazil – Kovi is headquartered in São Paulo, and the acquisition will expand Moove's presence in the region.
- Dubai, UAE – Moove announced the acquisition from Dubai, emphasizing its global operational base.
Industry
- Mobility Services – The acquisition pertains to companies providing technology-driven transportation and mobility solutions.
- Automotive Technology – Involves the integration of IoT software and AI in vehicle operations, a key aspect of the acquisition.
Financials
- 275 million USD – Moove's annual recurring revenue after acquiring Kovi.
- 15,000 vehicles per year – Moove's planned annual vehicle orders to cater to increasing demand.
- 500 million USD – Capital raised by Moove through investments and loans.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Moove | Bidding Company | Company | A global leader in mobility services seeking to expand its operations. |
| Kovi | Target Company | Company | A São Paulo-based urban mobility provider acquired by Moove. |
| Ladi Delano | Co-founder and co-CEO of Moove | Person | Involved in making strategic decisions for Moove's expansion. |
| Adhemar Milani Neto | CEO of Kovi | Person | Leader of Kovi, expressing optimism about the merger. |
| Brazilian Antitrust Authority | Regulatory Approval | Government | Responsible for approving the acquisition under Brazilian law. |