Moove, a mobility solutions company, has announced the acquisition of Kovi, an urban mobility provider headquartered in São Paulo.
This acquisition aligns with Moove’s commitment to advancing mobility and expanding its footprint in the rapidly growing Latin American market.
Launched in 2020, Moove has built the third side of mobility marketplaces by providing dedicated supply via Drive-to-Own, Taxi, and Autonomous fleets.
The acquisition increases Moove’s total global fleet to 36,000 vehicles and operations to 19 cities across 6 continents. It not only strengthens the company’s position as one of the world’s largest rideshare fleet operators, but incorporates Kovi’s proprietary IoT software and advanced driver behaviour algorithm, which complement Moove’s existing focus on safety and efficiency.
These innovations will strengthen Moove’s AI mobility strategy, further advancing its position as a global leader in mobility and autonomous vehicle innovation, while also reinforcing its commitment to driving economic growth in Latin America.
Founded in 2018, Kovi has made car ownership more accessible and efficient through innovative technology and financial solutions. With a presence in Brazil and Mexico, Kovi has demonstrated impressive growth since inception.
Kovi’s data-driven approach to vehicle management and user experience will complement Moove’s existing capabilities, enabling the company to offer superior services to its customers.
Ladi Delano, Co-Founder and Co-CEO of Moove, said: “Kovi has built an impressive business with a robust presence in Brazil, one of the most dynamic mobility markets in the world. We’re thrilled to welcome them to the Moove family. This transaction not only strengthens our footprint in Latin America and reinforces our position as a dominant player in global mobility, but it also underscores our commitment to contributing to the Brazilian economy. Kovi’s proprietary IoT software and advanced driver behaviour models complement our existing capabilities, supporting our focus on safety, efficiency, and innovation in AI mobility.”
Adhemar Milani Neto, CEO of Kovi, said: “Today, we stand at the forefront of a new era in mobility, and we believe that Moove has done a fantastic job at scaling their business on a global scale and with the right strategic angles. I met the founders many years back when they were scaling their business in Africa, and I was immediately impressed by their purpose-driven approach, which is also a perfect match to our culture. Together, I believe we will become a truly global category-defining business and will leverage scale and deep expertise never seen in our market. We are also excited to continue our expansion across LaTam now with robustness with such strong partners.”
The completion of the transaction is subject to customary closing conditions, including approval from the Brazilian antitrust authority.
