Report: Google to Drop $1.3B for Waze Navigation Software
June 10, 2013 7:43 AM
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No official confirmation has been offered at this time
After months of rumors circulating that Google, Facebook, and Apple were all jockeying to purchase an Israeli mapping/navigation company called Waze, sources claim that a deal has finally been struck.
According to sources, the price tag for Waze is $1.3 billion.
Reports also indicate that Facebook executives had flown to Israel to meet with Waze executives, but no deal could be reached. The sticking point in Facebook negotiations was reportedly the fact that Waze wanted its employees to continue working in Israel and Facebook wanted them to relocate.
The Wall Street Journal
indicates that Google's Waze purchase is its fourth-largest by dollar value and could be announced as soon as this week. Google will no doubt use Waze to bolster its mapping/navigation efforts around the globe.
Waze currently has nearly 50 million users, and is a free application that is available on Apple and Android devices. The application operates in roughly 190 countries and draws GPS information from the device to learn about traffic flow on the road and provide drivers with better routes. Waze also has a community of 70,000 members that helps edit maps, provide fuel prices, and point out locations of accidents.
Interestingly, Microsoft is also an investor in Waze – neither Google nor Microsoft have offered an official statement on the purchase at this time.
Wall Street Journal
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