Google has confirmed on their blog that they have acquired Waze. Although the terms of the deal are unknown, we speculated earlier that it is worth $1.3 billion and the Waze team will be able to continue operating their company in Israel for the time being. One of the major reasons why Facebook changed their mind about acquiring Waze is because they wanted Waze to move in to their headquarters in Menlo Park, California.
“The Waze product development team will remain in Israel and operate separately for now. We?re excited about the prospect of enhancing Google Maps with some of the traffic update features provided by Waze and enhancing Waze with Google?s search capabilities,” said Google’s VP of Geo Brian McClendon.
Waze is a map application that has over 50 million users. The application lets you join other drivers nearby to “outsmart traffic,” save time and gas money, and help improve everyone’s daily commute. Users can actively report accidents, hazards, and police speed traps. You can also receive road alerts as you are driving. Waze users also suggest cheap gas stations. Google said that Waze will remain as a separate entity from their own Maps service. The Waze app is available on Google Play (Android) and the Apple App Store.
Update: Sources with The New York Times reports that the transaction was worth $1.03 billion.