Google confirmed that it has bought traffic and mapping service Waze, beating out Facebook and Apple. Waze has a user base of 47 million members and it uses satellite data from users to generate maps and real-time traffic info. Google hasn't confirmed the price but rumors say that it's between $1.1 and $1.3 billion. Google says Waze people “will remain in Israel and operate separately for now” although its technology will eventually be added to Google Maps to help improve its live traffic features.
What Else You Need To Know
- Facebook was in talks to buy the business for $1 billion but the parties could not come to agreement about relocating to the U.S.
- Waze was co-founded in Israel by Ehud Shabtai, Amir and Gili Shinar, Uri Levine, Arie Gillon and is headed by CEO Naom Bardin.
- Venture capitalists that provided $67 million in funding to Waze, namely Blue Run Ventures, Magma, Vertex, Kleiner Perkins Caulfield & Byers, and Horizon Ventures, are in for a huge payout as only $200 million of the purchase price will be going to co-founders.
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