Moove acquires Kovi to fuel LatAm growth
- Moove acquired Brazilian mobility company Kovi, making it a wholly owned subsidiary.
- The acquisition increases Moove's fleet to 36,000 vehicles and doubles its annual recurring revenue to $275 million.
- Moove's valuation reached $750 million following a reported $115 million ARR in March 2023.
The acquisition of Kovi by Moove is a strategic move that not only enhances its operational capabilities but also positions it as a formidable player in the global mobility market. This expansion into Latin America could lead to increased competition and innovation in the ride-hailing sector, which is crucial for meeting the evolving demands of consumers. The integration of advanced technology from Kovi could set new standards for safety and efficiency in the industry.
