Google Acquires Waze for $1.3 Billion
June 11, 2013 1:56 PM
Google plans to integrate Waze's traffic reports into Google Maps
Google announced today that it has
finally acquired Waze
for over $1 billion.
Developed by Israeli start-up Waze Mobile, Waze is a free social GPS app that has turn-by-turn navigation to help drivers avoid traffic. It's also a community-driven application that draws information from drivers ahead of you, and even learns from users' driving times to provide routing and real-time traffic updates.
Google has now acquired Waze for $1.3 billion and plans to integrate its traffic reports into Google Maps. Google will also allow Waze to use its search capabilities.
"The Waze community and its dedicated team have created a great source of timely road corrections and updates," said Brian McClendon, Vice President of Google's geo-products. "We welcome them to Google and look forward to working with them in our ongoing effort to make a comprehensive, accurate and useful map of the world."
Waze, which is 4-years-old, currently has 47 million users and managed to raise $67 million in funding from companies like Kleiner Perkins Caufield & Byers and Qualcomm Inc.
Just last month, a potential deal between Waze and social networking giant Facebook crumbled when Waze was unwilling to move its engineering team from Israel to the U.S.
Waze CEO Noam Bardin and a small number of Waze employees now operate out of the U.S. headquarters in Palo Alto, California. About 90 other employees stayed in Israel.
Google Official Blog
"There's no chance that the iPhone is going to get any significant market share. No chance." -- Microsoft CEO Steve Ballmer
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