Moove Strengthens Global Mobility with Kovi Acquisition
Deal News | Jan 29, 2025 | PR Newswire Cision Moove
Moove has announced its acquisition of Kovi, a move that significantly enhances its stature as a global leader in mobility solutions. This strategic acquisition increases Moove's global fleet to 36,000 vehicles and furthers its artificial intelligence mobility strategy. With operations in 19 cities across six continents, Moove aims to support economic growth in Latin America and expand its market reach in this burgeoning region. The incorporation of Kovi's data-driven vehicle management systems and innovative IoT software will complement Moove's focus on efficiency and safety, strengthening its capabilities in the rideshare industry. This acquisition aligns with Moove's vision to build the world's largest rideshare fleet through its Drive-to-Own model, bolstered by partnerships with groups such as Uber and Waymo. The transaction emphasizes Moove's commitment to innovation in the mobility sector and impacts over 100,000 lives through job creation and mobility access.
Sectors
- Mobility Services
- Automotive Technology
- Artificial Intelligence
Geography
- Latin America – Kovi is a significant player in Brazil and Mexico, and the acquisition strengthens Moove's footprint in Latin America.
- Global – Moove operates in 19 cities across six continents, indicating a global operational reach and strategy.
Industry
- Mobility Services – The acquisition is within the mobility services sector, as Moove and Kovi are involved in rideshare and urban transportation solutions.
- Automotive Technology – Kovi's IoT and driver behaviour technology align with automotive technological advancements that Moove will utilize to enhance its fleet management and AI capabilities.
- Artificial Intelligence – The integration of advanced AI strategies and data-driven insights into Moove's operations positions this acquisition firmly within the AI sector.
Financials
- $275 Million – Moove's strengthened ARR revenue post-acquisition based on consolidated figures.
- $500+ Million – Moove's combined equity and debt funding from investors.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Moove | Acquiring Company | Company | A global leader in mobility focused on expanding its fleet and implementing AI strategies to enhance ridesharing and autonomous services. |
| Kovi | Target Company | Company | An urban mobility provider known for its proprietary IoT and driver behaviour algorithms that enhance car accessibility and management. |
| Ladi Delano | Co-Founder and Co-CEO of Moove | Person | Key executive in Moove, contributed strategic insights into the acquisition of Kovi. |
| Adhemar Milani Neto | CEO of Kovi | Person | Leading Kovi through acquisition, helping to integrate their pioneering technology with Moove’s global operations. |
| Brazilian Antitrust Authority | Government | Government | Regulatory body responsible for approving the transaction as a part of typical closing conditions. |