Google Confirms Deal to Buy Waze Mapping Company
Published on: 11th Jun 2013
By: Ian Mansfield
Google has announced that it is buying the Israeli mobile mapping company Waze.
The company made the announcement in a short blog post, which is surprisingly light on detail for what has been rumoured to be a deal worth in the region of US$1.1 to USD1.3 billion. The amount paid may be confirmed later in a more conventional stock market filing.
Google also confirmed in its blog that the Waze product development team will remain in Israel and operate separately for now.
Google confirmed that it will be enhancing Google Maps with some of the traffic update features provided by Waze and enhancing Waze with Google's search capabilities.
Google beat reported offers from both Apple and Facebook to buy the company, which has built up a user base of over 50 million customers all feeding live traffic information back to Waze.
Waze is also able to build its own in-house maps based on GPS tracking of smartphones, which then reduces the company's reliance on outside map data providers.