Google Paid $966 Million For Waze
Last month, we reported that Google acquired traffic application Waze for $1.3 billion. In actuality, Google acquired Waze for $966 million. This was revealed in Google’s financial results. Of the $966 million that Google spent, $847 million was on goodwill, $188 million was on “intangible assets” and $69 million was for “other net liabilities assumed.”
“In June 2013, we completed our acquisition of Waze Limited (Waze), a provider of a mobile map application which provides turn-by-turn navigation and real-time traffic updates powered by incidents and route information submitted by a community of users, for a total cash consideration of $966 million,” said Google in their financials. “The acquisition is expected to enhance our customer’s user experience by offering real time traffic information to users’ daily navigation needs.”
Founded in 2007, Waze is an Israel-based app where users are encouraged to share driving conditions with users in the community. Waze offers real-time information on gas prices and traffic statuses. Waze will continue operating independently from Google for the time being,
Waze has around 50 million users and raised $67 million in funding. Waze is available on Android, iOS, Symbian, Windows Phone, and BlackBerry.
Google acquired 15 other companies for $344 million in the first 6 months of 2013.