Google rumoured to be buying Waze for £840m
Google is close to buying Waze, the Israeli based crowd-sourced navigation mapping device for drivers, for over $1bn, it has been suggested.
An Israeli newspaper, Globes, said that the app – which provides information on traffic congestion, accidents and speed cameras as gathered by users of its system to provide real-time information – could be sold to Google for £840m.
In May, it was rumoured that Facebook was close to a deal to buy the start-up for £650m.
Globes, which did not name its source, said: "According to some reports, Facebook representatives arrived in Israel to meet Waze executives, but no deal was reached in the negotiations, apparently because of the price tag.
"Another reason was that Waze insisted that its Israeli employees should continue working in Israel, which Facebook did not accept. Google has already made two acquisitions in Israel, and it has an office here, in contrast to Facebook, which closed most of the companies it acquired, including Israeli start-ups."