Google joins race to buy Waze - report

Media reports say there is a bidding war with Google and Facebook prepared to pay $1 billion for the navigation and traffic report app.

Google Inc. (Nasdaq: GOOG) has entered the fray alongside Facebook (Nasdaq: FB) in the battle to buy Israeli navigation and traffic report app Waze Ltd.. The entry of Google is likely to spark off a bidding war with sources at Facebook already suggesting that talks for the acquisition are for $1 billion.

"Bloomberg" reports that, "Waze is fielding expressions of interest from multiple parties and is seeking more than $1 billion, said one of the people, who asked not to be identified because the talks are private." "Bloomberg" also reported that Waze may elect to remain independent and raise another round of venture capital financing instead.

According to "Bloomberg," Apple Inc. (Nasdaq: AAPL) which was linked with an acquisition of Waze last year is no longer interested in buying the Israeli company. Waze has also attracted interest from Micorsoft Corp. (MSFT), which is one of its investors.

Both Waze and Google declined to comment on the report.

Waze has developed one of the most well-known and popular navigation apps on the market. The app can be used by smartphones, tablets, and vehicle systems, providing GPS navigation, crowdsourced-based updates about congestion, police, traffic cameras, accidents, and road hazards. The company has more than 40 million subscribers, and expects to reach 70 million by the end of the year.

Published by Globes [online], Israel business news - - on May 24, 2013

© Copyright of Globes Publisher Itonut (1983) Ltd. 2013

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