Google to Buy Navigation App Waze: Report

Google has reportedly reached a deal to purchase the traffic app Waze. The news comes just a month after reports circulated that Facebook was interested in paying $1 billion for the company.

The Wall Street Journal has the story:

Google Inc. is on the cusp of paying more than $1 billion for navigation and traffic application Waze Inc., said a person familiar with the negotiations, as the Internet giant looks to boost its own navigation offerings around the world…It would bring an end to months of talk surrounding the fate of the five-year-old Waze, which attracted other suitors including Apple Inc. and Facebook Inc. people familiar with those discussions have said.

The community-based traffic and navigation app connects drivers based on their location and lets them share real-time traffic and road information. Users can get real time alerts about hiccups along their route and find alternative routes to help them avoid police, accidents, road hazards or traffic jams. “It’s like a personal heads-up from a few million of your friends on the road,” says the company’s website.

Publish date: June 10, 2013 © 2020 Adweek, LLC. - All Rights Reserved and NOT FOR REPRINT