Google snaps up Waze to add to mapping
12 June 2013, 11:04
San Francisco - Google has purchased online mapping service Waze in a deal that keeps a potentially valuable tool away from its rivals, while gaining technology that could improve the accuracy and usefulness of its own popular navigation system.
The acquisition announced on Tuesday ends several months of speculation involving Waze. The company flirted with suitors interested in its rapidly growing service, which blends elements of a social network into its maps to produce more precise directions and more reliable information about traffic conditions.
Financial terms weren't disclosed.
Google is believed to have trumped two of its fiercest foes, Facebook and Apple, in the bidding for Waze. The startup is based in Israel but also maintains a Palo Alto, California, office near all three of the Silicon Valley giants.