Andre Yoskowitz
10 Jun 2013 11:51
After weeks and weeks of speculation, it seems that Israeli mapping startup Waze will be getting sold.
Google is said to be purchasing the company for $1.3 billion, higher than Facebook's original reported bid of $1.1 billion.
Waze specializes in satellite navigation for mobile devices, and uses members' smartphones to generate maps and traffic data. More importantly, Waze collects user's traveling speed and direction, which is extremely valuable data if monetized correctly. Google Maps and other popular mapping apps do not include such data.
The company currently has 47 million users, with 12 percent coming from the U.S. It also has particularly strong penetration in Brazil and its home country.