The chip giant said that it has entered into a definitive agreement with Wind River, which will become a wholly owned subsidiary, but continue with its current business model.
The deal is expected to close this winter, subject to regulatory approval.
Wind River is a developer of embedded software and development tools, most notably its VxWorks real-time operating system that is used in a wide variety of hardware, from printers and wireless routers to Honda's Asimo robot and even NASA space probes.
VxWorks runs on a number of processor architectures, including x86, ARM, MIPS and PowerPC.
Intel said that the purchase is expected to deliver robust software capabilities in embedded systems and mobile devices, such as smartphones, mobile internet devices, consumer electronics, in-car 'infotainment' systems, networking equipment, aerospace and defence systems.
"This acquisition will bring us complementary market-leading software assets, and an incredibly talented group of people, to help us continue to grow our embedded systems and mobile device capabilities," said Intel vice president of software and services Renee James.
While the move is expected to boost Wind River's x86-architecture sales, Intel confirmed that it will continue to support multiple hardware architectures after the acquisition.