Report: Google Close to Buying Waze for $1.3 Billion

The bidding war for crowdsourced navigation app Waze has reportedly been won by Google, which will pay "more than $1 billion" for the startup, according to Israeli newspaper Ha'aretz. Update: The newspaper later added that the deal will be worth $1.3 billion.

The deal hasn't been finalized yet, but according to the report, Google agreed not to lay off Waze workers at its development center in Israel, and will allow the company to continue its development in Israel "for at least three years."

According to the report, the conditions of the deal will keep Waze CEO Noam Bardin at the helm of the company, and Waze will retain its brand and won't be integrated into Google.

A deal for the free social-powered navigation app for iPhone has been in the works for a few months, with the bidding for Waze reportedly involving Facebook and Google.

As Mashable reported on May 24, Apple was also rumored to be considering a bid for Waze earlier this year, but on May 28, Apple CEO Tim Cook denied that Apple made a bid for Waze.

We contacted Google and Waze for verification of the alleged deal, and Waze didn't immediately respond to our request for comment. Google replied, "We don't comment on rumor or speculation."

Source : mashable