Intel CEO Bob Swan. Photograph by Stuart Isett for Fortune Magazine, under Creative Commons license

American chip company Intel is in talks to acquire Moovit, an Israel-based public transit startup, for about $1 billion, according to a report from Israeli news site Globes. Globes reports that Intel has entered discussions to snap up Moovit, which happens to be a portfolio investment of Intel’s venture capital arm, Intel Capital. Amnon Shashua, the CEO of Mobileye, an Intel subsidiary, also happens to be a Moovit board member. Intel Capital led Moovit’s most recent financing round, which was a $50 million Series D announced in February of 2018. Other notable investors in the company include Sequoia Capital, BMW iVentures, and Ashton Kutcher’s Sound Ventures.

Moovit is a public transport app that was launched in March 2012. The app provides real-time information on transport routes to its users, information obtained through user input as well as from public transport operators and authorities. Think of Moovit as a crowd-sourced public transport app that provides information on the fastest and most comfortable routes around cities to its users, users who, in turn, help generate such information for other users. In its eight years of existence, Moovit has attracted $133 million in total funding. Its app has attracted more than 750 million users in more than 100 countries, according to the company.

Moovit co-founder Nir Erez and Roy Bick. Photo credit: Moovit

Moovit currently has more than 200 employees stationed across many countries.

Update: Intel has confirmed its acquisition of Moovit for roughly $900 million.