Google planning Waze Acquisition for $1 Billion
By Himanshu Guru: With the advent of a ‘Smart-tech’ techno world, people are using Smartphone and other mobile devices, and thus, maps as well as navigation services have become a key asset for technology companies. In this nexus, like Facebook, Google Inc is considering acquiring Israeli mobile satellite navigation start-up Waze Inc.
Having with around 47 million subscribers, Waze uses satellite signals from members’ Smartphone to generate maps and traffic data, which it then shares with other users, offering real-time traffic information. As per repots, the four-year-old company has raised $67 million in funding from firms including Kleiner Perkins Caufield & Byers, Blue Run Ventures and semiconductor company Qualcomm Inc. While only 11 of Waze’s 100 employees based in the United States, the remaining staff is based in Israel.
After the Facebook talks to acquire Waze became popular, Google and other parties approached Waze but nothing has been finalized yet. It is also a probability that the start-up company might decide to remain independent. However, Apple Inc, which distributes a competing map tool, is not part of the discussions, reports said.