Google announces acquisition of Israel based mapping software company, Waze

Finally, after months of rumors, Google today announced on its blog, the acquisition of Waze, the Israel based mapping software company. The deal amount remained undisclosed. However, it is reported to be between $1 billion-$1.3 billion by Techcrunch.

As per Brian McClendon, Vice President, Geo, the Waze product development team will remain in Israel and operate separately for now. Google now plans to enhance Google maps with some of the traffic update features provided by Waze and enhancing Waze with Google’s search capabilities.

The Waze CEO, Noam Bardin stating the reason of the sell out in the official announcement at waze’s website said that “Together, we can accelerate our mission to outsmart traffic. We will continue to make a real impact on drivers globally, helping them save time and money while making everyone’s daily commute a bit more efficient and fun.”

Previously, Facebook and Apple have also shown interest in buying out Waze but the negotiations failed somehow.

Claiming to have + 50,000 users, Waze is basically a community based social traffic and navigation app where millions of drivers around the world sharing real time road info so that everyone can be benefited. Waze earlier raised around $67 million funding from investors such as Blue Run Ventures, Magma and many others.