Moove Expands Fleet with Kovi Acquisition, Strengthens LATAM Presence
Deal News | Jan 29, 2025 | Left Lane Capital
Moove, a global leader in mobility, has announced the acquisition of Kovi, an urban mobility provider based in São Paulo. This acquisition is strategically significant for Moove as it strengthens their position in Latin America and enhances their global fleet to a total of 36,000 vehicles across 19 cities and 6 continents. By integrating Kovi's proprietary IoT software and advanced driver behaviour algorithm, Moove aims to bolster its AI mobility strategy, advancing its offerings in safety, efficiency, and autonomous vehicle innovation. This move underscores Moove's commitment to driving economic growth in Latin America and expanding into high growth markets. The acquisition, subject to approval by Brazilian antitrust authorities, aligns with Moove's long-term goals of becoming the world's largest fleet and technology leader in mobility platforms. Notably, Moove's growth has been supported by a global Uber partnership and investments from firms like Mubadala, BlackRock, and MUFG.
Sectors
- Mobility
- Technology
Geography
- Latin America – Kovi's strong presence in Brazil and Mexico aligns with Moove's strategy to expand in the Latin American market.
- Global – Moove operates in 19 cities across 6 continents, underscoring its global scope and impact in the mobility industry.
Industry
- Mobility – The focus of Moove is to build a global fleet for rideshare and mobility platforms, enhancing its presence and technology in this sector.
- Technology – The acquisition involves integrating Kovi's IoT software and advanced driver behaviour algorithms into Moove's AI mobility strategy.
Financials
- $275 Million – Moove's ARR revenue strengthened by the acquisition of Kovi.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Moove | Acquiring Company | Company | A global leader in mobility, aiming to build the largest rideshare fleet powered by technology. |
| Kovi | Target Company | Company | An urban mobility provider based in São Paulo, known for its proprietary IoT software and driver behaviour algorithms. |
| Left Lane Capital | Private Equity Firm | Company | The PE firm backing Moove's expansion efforts. |