Zee Media Bureau
New Delhi: Facebook is making a bid to acquire Israeli mobile satellite navigation firm Waze for $800 million to $1 billion, reports said.
The deal, if fulfilled, will give Facebook a much needed edge in the mapping services, allowing it to compete with Google and Apple.
Waze uses satellite signals from members' smartphones to generate maps and traffic data, which it then shares with other users, offering real-time traffic info.
Maps and navigation services have become a key asset for technology companies as consumers increasingly adopt smartphones and other mobile devices.
Officials at Waze and Facebook declined to comment on the report.
Facebook's largest deal to date is the September acquisition of photo-sharing app, Instagram. Facebook agreed to buy the company for $1 billion in cash and stock, though the actual price it paid was $715 million due to declines in Facebook's share price.
With Agency Inputs
First Published: Friday, May 10, 2013, 08:50