Posts Tagged ‘google’

June 11 2013

Online Mapping Service Waze Bought by Google

Online Mapping Service Waze Bought by Google

In a $1.03 billion deal that keeps a potentially valuable tool away from its rivals, Google is buying online mapping service Waze. All the while allowing google to gain technology that could improve the accuracy and usefulness of its own popular navigation system.

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Google purchases Waze

Waze blends elements of a social network into its maps to produce more precise directions and more reliable information about local traffic conditions. The acquisition announced Tuesday ends several months of speculation as Waze flirted with potential buyers interested in its rapidly growing service.

Waze, which is based in Israel but also maintains a Palo Alto, Calif., office near all three of the Silicon Valley giants. Google Inc. is believed to have trumped two of its fiercest foes, Facebook Inc. and Apple Inc., in the bidding for Waze.

 

“We evaluated many options and believe Google is the best partner,” Waze CEO Noam Bardin wrote in a Tuesday blog post.

Full Story can be found here: http://news.yahoo.com/google-snaps-waze-add-mapping-154858793.html;_ylt=AwrNUbAFrbdRZiUAzA_QtDMD

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