Wednesday , 26 March 2014
Breaking News
HomeNewsGoogle to buy Waze for $1.3 Billion

Google to buy Waze for $1.3 Billion

Waze

Waze in the spotlight; Bids from Google and Apple:

The “Waze Social GPS Maps & Traffic” is a well known application which is available for both iOS and Android users (with almost 50 million users around the world) for free. Before I start the news, let me explain what makes the Waze so great.

Waze is a community based traffic and navigation app which works on the data submitted by millions of its users. The live maps which are constantly updated by the Waze community shows the real-time traffic and road info. The location of accidents, hazards etc. can be submitted to the Waze by the users for common good.

Users can find nearest and cheapest gas stations on their route and also automatic re-routing as the conditions of road changes. Users can also see their friends when they drive and find navigation to the Facebook events. There’s also a point system in which users who contribute more in providing road information earn more points and move up to a higher rank in their local community.

Now the news is that the Google is going to buy the Waze for a price of $1.3 billion. This news came from Israeli business websites Globes and Calcalist. In last year we heard about a report that the Apple wished to buy this Israel-based company Waze and offered $500 million, perhaps may be still struggling to compete. Then in August 2012, Facebook was also interested in buying the company. But no official deal was made.

On asking, Waze replied to Globes, “No comments” and Google replied,” We don’t relate to rumors and speculation.” According to sources, soon there’ll be a public announcement but the deal is yet to be finalized.

Globes also reports that as a condition of acquisition from Waze, the Google will allow Israeli employees to continue their work in Israeli at their own location or Google’s offices in Tel Aviv and Haifa. This condition was something that both Apple and Facebook were unable to accept. Talking about the deal, it will make some Waze founders millionaires ($78 million for CTO Ehud Shabtai, $38 million for President Uri Levine, $65 million for VP R&D Amir Shinar and hid brother Gill)

Source: Globes and Calcalist

Via: Android Police

Leave a Reply