Google Confirms Acquisition of Waze
After having reportedly been pursued by the likes of Apple and Facebook, Waze finally found a suitor with whom it could do business.
On Tuesday, Google confirmed its acquisition of Waze, the cross-platform, crowd-sourced traffic and navigation service.
Google didn't say much of the purchase, save for its plans to integrate the service with its own Maps offering.
No financial terms were touted, although it's believed the acquisition cost Google at least $1 billion.
“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,” Google vice president Brian McClendon stated today on the Official Google Blog.
The Waze product development team will remain in Israel and operate separately for now, today’s announcement revealed.
“The Waze community and its dedicated team have created a great source of timely road corrections and updates,” McClendon added. “We welcome them to Google and look forward to working with them in our ongoing effort to make a comprehensive, accurate and useful map of the world.”