Search engine Google announced a deal to acquire Israel-based for $1.3 billion, said reports
According to reports, Google acquired Waze to stay ahead of the curve in lifestyle-centered apps on devices. Facebook was looking to buy Waze earlier
Waze is a free social GPS application featuring turn-by-turn navigation, developed by the Israeli start-up Waze Mobile which is now owned by Google for GPS-enabled smartphones with a data plan. Waze supports Android, iPhone, Symbian, and J2ME (RIM).
Waze won the Best Overall Mobile App award at the 2013 Mobile World Congress, beating Dropbox, Flipboard and others. On June 11, 2013 Google completed the acquisition of Waze for a reported $1.3 billion
Waze differs from traditional GPS navigation software as it is a community-driven application and learns from users’ driving times to provide routing and real-time traffic updates. It is also free to download and use, as it gathers map data and other information from users who use the service. Additionally, people can report accidents, traffic jams, speed traps, police and can update roads, landmarks, house numbers, etc. Waze also helps users find the cheapest, closest gas station around them or along their route. As of January 2012, the app has been downloaded 12 million times worldwide. In July 2012, Waze announced that it had reached 20 million users, half of those gained over the previous six months.