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Google Acquires Waze Traffic and Maps App for $1.1 Billion

Sections: Apple, Business News, Communications, Google, Web Apps

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Screen Shot 2013-05-09 at 12.20.37 PMIn May we reported that the Facebook team eyeing crowd-sourced road map and traffic application, Waze, for somewhere around a cool billion dollars. Instead, on Sunday, news from the Israeli business and money news outlet, Globes, says that Google has beaten Zuckerberg to the punch.

Google is believed to be in the process of buying Israeli company for $1.3 billion, high-rolling Facebook’s original bid, believed to be in the $800 million neighborhood. In mid-2012, Apple was reportedly interested in the application, though they failed to place a bid on it’s acquisition since.

Announced on Monday, Waze went up for just $1.1 billion. Neither representatives from Google nor Waze has publicly made comment regarding the aquisition.

Waze is one of the most important apps to hit the iOS app store last year. It provides its users with upt-the-minute traffic information, as well as weather reports, cop radar and gas tips, and more. It’s information feed is updated and altered by Waze users, creating a social network of road travelers.

If this acquisition is legitimate, it will bring Waze CTO Ehud Shabtai $78 million, president Uri Levine $38 million, VP R&D Amer Shinar and his brother Gili will earn $65 million.

 

 

<Source: ABC News and Globes>

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