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Apple in Talks to Buy Mobile Navigation Service for Mapping Data
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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 US$750 million while Apple is offering US$400 million plus $100 million in performance incentives.
Waze was founded in 2009 and has so far raised US$67 million from investors.
The company currently offers its app for free, and generates revenue from advertising - which is thought to have brought in around US$1 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
Tags: [apple] [waze mobile] [Israel]
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