Google in talks to buy Waze for $1 bn: Report
The four-year-old company has 47 million users.
Zee Media Bureau
New Delhi: Google Inc is contemplating to buy Israeli mobile satellite navigation start-up Waze Inc, a news wire has reported.
Social networking giant Facebook Inc is already in talks with Waze which is seeking more than USD 1 billion and is fielding expressions of interest from multiple parties, the wire has said.
Though reports are also doing the round that Waze might consider to remain independent, google and other parties are trying hard to clinch a deal with the company ever since talks with Facebook had surfaced.
Waze uses satellite signals from members' smartphones to generate maps and traffic data, which it then shares with other users, offering real-time traffic information.
The four-year-old company has 47 million users. It has raised USD 67 million in funding from firms including Kleiner Perkins Caufield & Byers, Blue Run Ventures and semiconductor company Qualcomm Inc.
Waze has 11 of its 100 employees based in the United States, with the remaining staff in Israel.
With Agency Inputs