Google acquires Waze for over $1BN

googleGoogle has bought iOS map and navigation app Waze for just over $1billion (according to Reuters).

GeekTime is reporting that the price is $1.1 billion, “of which $1.03B will be transferred in cash directly to the company and its stockholders. An additional $100M will be awarded to employees based on performance.”

Waze was founded in 2007. The majority of its staff are based in Israel with around 10 others based in Palo Alto, USA. It has 47 million Wazeusers and has raised $67 million in funding from investors including: Kleiner Perkins Caufield & Byers, Blue Run Ventures and semiconductor company Qualcomm Inc.

On the Waze blog, Waze CEO Noam Bardin said “We are excited about the prospect of working with the Google Maps team to enhance our search capabilities and to join them in their ongoing efforts to build the best map of the world.” He also said, “Nothing practical will change here at Waze. We will maintain our community, brand, service and organization – the community hierarchy, responsibilities and processes will remain the same.”

In the Google announcement, Brian McClendon, Vice President, Geo, said “To help you outsmart traffic, today we’re excited to announce we’ve closed the acquisition of Waze. This fast-growing community of traffic-obsessed drivers is working together to find the best routes from home to work, every day.” He went on to say, “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.”

USA, Mountain View, California & Israel, Tel Aviv

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