RUMOR: Apple In Acquisition Talks With Waze
Apple is in talks to acquire social navigation application company Waze. Waze is reportedly looking to make $750 million from the deal, but Apple wants to pay $400 million in cash and $100 million in earn-outs based on performance. Waze has around 30 million users that share real-time traffic data. Wazes takes this data and improves driving directions.
The Waze app also allows users to share other details that appear on the road like traffic accidents and police car locations. Apple is most likely interested in Waze because of the issues the company has been having with Apple Maps.
Apple Maps has been criticized for providing improper driving directions and for lacking detail for various locations. Apple CEO Tim Cook went as far as apologizing for the issues and recommended several alternatives to Apple Maps.