Facebook is all set to make it’s yet another acquisition of the year, this time its Israel based social mapping and traffic app startup Waze, which is expected to be acquired for $1 bn, states various media publications.
As per the Israeli press, the negotiations between the two companies had begun six months back, when Facebook had approached Waze. Now Facebook is in advanced talks to buy it under a deal between $800 million to $1 billion. The rumours of the acquisition are in light since last year.
Waze is a community-based traffic and navigation app with large number of drivers around the world sharing real-time road info. There are more then 45 million users of this app. Last year, 65,000 map editors had made around 500 million map edits and updated Waze’s map to reflect 1.7 million changes on the ground.
Previously, Waze had also introduced its updated version that allows users to share their drive with their Facebook friends.
Founded in 2008 by Uri Levine, Ehud Shabtai and Amir Shinar, Waze has raised around $67 million from Venture Capitals so far. Previously, there were also reports that Waze may get acquired by Apple.
With Facebook adding waze on board, chances are that Facebook will use the real time location functionality of Waze on its own platform and let users interact through their locations, becoming more inclined towards local, social, mobile and realtime. Also, it can help Facebook provide its advertisers a unique feature to target users with relevant and useful ads based on their real-time locations. This will be fourth acquisition of Facebook this year. Prior to this, it had also acquired Atals, Hot Studio and Parse.