Google Will Buy Israeli Waze App for > $1 Billion

Google is buying Waze - an excellent GPS and traffic app that I have used on my Samsung Galaxy S3. I use it as a second source of traffic information as I make my way across America's worst road - the Cross Bronx Distressway. It's fairly accurate and offers creative alternative routes when needed.

Join 648,000 others. Get Waze from Google Play.

This is great news for the Israeli high tech sector.

This is bad news for United Jewish Appeal and Federation fund raisers. Even though there is poverty and need in Israel, it gets harder to raise money in the US for destitute Israelis, each time another Israeli company reaches a billion dollar valuation.

Google said to be close to buying Waze, developer of crowdsourced map app
By Elizabeth Heichler, IDG News Service

Google is close to a deal to acquire Waze, maker of the eponymous crowdsourced mapping app, for at least $1 billion, according to the Wall Street Journal and others.

The potential deal was first reported by Israeli business site Globes which said it would be worth $1.3 billion, citing sources.

Started in Israel, now with offices in Palo Alto headed by CEO Noam Bardin, the company says it has about 45 million users in 193 countries, according to the Journal. Waze originated in 2006 as an open-source mapping project led by CTO Ehud Shabtai; the company formed two years later with venture-capital backing, according to information on its website.

The app allows users to tap into shared traffic and navigation information. Data on road obstacles, rush-hour snarls, accidents and the like can be shared with other drivers in real time. The most recent version of the app delivered last month, Waze 3.7, includes integration with Facebook that places Facebook events in users' navigation lists and allows them to see the progress of Waze-using friends travelling to the same event. Users can also join the community of map editors to improve data on the maps themselves, which use TIGER (Topologically Integrated Geographic Encoding and Referencing) data from the US Census Bureau. The app is free, supported by location-based advertising.

How to use waze.