Waze Bought by Google for $1 billion
A fairly new and lesser known Israeli start-up company, Waze, is being purchased for a cool $1 billion by Google. Waze’s innovative idea is to bring the social element into navigation and traffic analysis.
By tapping into the GPS coordinates of its 50 million users it provides highly accurate data on the state of traffic and public transport. In addition, Waze users can enter various edits directly into the maps, sharing the location of traffic jams, road accidents and estimated waiting times.
In other words, Waze provides an interactive real time map which beats any current offering on the market.
Google’s decision to snap up the company is not surprising. Not only is Waze a threat to Google’s own Maps service, it is also a very real competitor for Facebook and Apple’s navigation apps.
Facebook was in competition for acquiring Waze but the deal fell through when Waze owners refused to relocate the company. Google Geo vice president Brian McClendon commented: “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”.