Facebook to spend $1 billion on satnav firm Waze
Posted on 9 May 2013 at 08:46
Facebook is in advanced talks to acquire Israeli mobile satellite navigation firm Waze for $800 million to $1 billion, according to reports.
Due diligence is underway after a term sheet was signed, reports business daily Calcalist, adding that talks began six months ago.
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.
Officials at Waze declined to comment on the report.
Waze and Facebook partnered in October 2012 when Waze released an updated version of its app that allows users to share their drive with their Facebook friends.
This would be Facebook's third acquisition in Israel. It bought Snaptu in 2011 for $70 million and Face.com in 2012 for $60 million.
In the last year, Waze tripled its user base to 45 million and in March alone, 1.5 million users downloaded the free mobile navigation app.
- Google Glass: mugger bait, pub problem and other lessons learned from two dangerous weeks
- Twitter, please don't fiddle with my feed
- How Satya Nadella can get some pay-raise karma
- Windows 10: a step back to go forward
- Michael Dell: Cloud infrastructure is the roads, bridges and highways of the 21st century
- How to check your identity hasn’t been sold to the hackers
- Tim Cook: this is how much TV has changed since the 70s
- Westminster wins the .London battle
- 20 years of PC Pro: from deep pan pizza to virtualisation
- Five reasons why the Apple Watch leaves me cold
- How to sell more ebooks on Amazon
- 10 ways to make your business more secure
- Top five VoIP mistakes
- How to add in-app purchasing to an iPhone, Android or Windows app
- Remote-control ransomware: TeamViewer and software hardball
- Why laptops with serial ports matter to the Internet of Things
- Make your mobile battery last longer
- Small steps into handling Big Data
- Nexus 5: does it really run stock Android?
- How to get broadband to a garden office