Apple in Talks to Buy Mobile Navigation Service for Mapping Data
Published on: 3rd Jan 2013
Note -- this news article is more than a year old.
By: Ian Mansfield
Apple is reportedly seeking to bolster the quality of its in house mapping service through the acquisition of an Israeli start up that has developed a novel navigation service.
Waze Mobile has developed a navigation aid that crowd-sources its mapping data by collecting GPS location data as the mobile app is used, and also by encouraging users to update local traffic problems on the app itself.
As a result it has built up a sizable mapping database of its own without having to license any third party platforms.
Waze Mobile is reportedly holding out for offers of USD750 million while Apple is offering USD400 million plus $100 million in performance incentives.
Waze was founded in 2009 and has so far raised USD67 million from investors.
The company currently offers its app for free, and generates revenue from advertising - which is thought to have brought in around USD1 million last year.
There is also the potential for one of the other major digital mapping companies, such as Google or Nokia to make a spoiler bid for the company to keep it out of Apple's hands. Facebook has also been touted in the past as a possible buyer for its own local check-in service.
On the web: TechCrunch