Google finalizing $1.3 billion deal for mapping company Waze

A Google sign is seen at a Best Buy electronics store in this photo illustration in Encinitas, California April 11, 2013. REUTERS/Mike Blake
A Google sign is seen at a Best Buy electronics store in this photo illustration in Encinitas, California.

Google Inc is finalizing a deal to acquire online mapping company Waze for $1.3 billion, according to a source familiar with the matter.

The deal is expected to be announced this week, though it was unlikely to occur on Monday, another source told Reuters.

“Negotiations are nearly final. There are a couple of details being worked out,” the second source said. The source described the remaining details as “logistics” rather than significant sticking points.

Google and Waze declined to comment.

The deal with Google comes after discussions between Waze and social networking company Facebook Inc fell apart last month, according to a report in the technology blog AllThingsDigital. Waze was unwilling to relocate its Israeli-based engineering team to Facebook’s U.S. headquarters, according to the report.

Maps and navigation services have become a key asset for technology companies as consumers increasingly adopt smartphones and other mobile devices. 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.

Google’s existing maps service is among the most popular, which could raise antitrust issues for the deal.

The 4-year-old Waze, which has 47 million users, has raised $67 million in funding to date from firms including Kleiner Perkins Caufield & Byers, Blue Run Ventures and semiconductor company Qualcomm Inc.

Waze began looking to raise additional funding toward the end of last year, according to a third source close to the company. As the fund raising process got underway, Waze received interest from several companies about an acquisition, and it switched gears to focus its efforts on an acquisition, the source said.

There had been media reports earlier this year that Apple Inc was in talks to acquire Waze. News of the deal with Google was first reported by Israeli financial newspaper Globes on Sunday.

Waze Chief Executive Noam Bardin and a small staff now operate out of their U.S. headquarters in Palo Alto, California, while about 90 employees are based in home country Israel.

 



News
Entertainment
Sports
Lifestyle
National

OkCupid admits to Facebook-style experimenting on customers

By Sarah McBrideSAN FRANCISCO (Reuters) - OkCupid, a top U.S. matchmaking website, intentionally mismatched users to test its technology, the IAC/InterActive Corp service said on…

Local

MTA fares still increasing 4 percent in newly…

The agency said the 4 percent increases, previously announced in December, will remain steady even as the MTA deals with increasing labor costs.

Local

De Blasio, Bratton defend city's efforts after Eric…

Mayor Bill de Blasio justified the city's response to the death of Eric Garner, a Staten Island man who died while in police custody earlier this month.

National

PHOTO: New Zealand Heral uses wrong image to…

The New Zealand Herald made a terrible mistake of using the wrong image to illustrate the tragic death of Staff Sergeant Guy Boyland – a New Zealand-born Israeli soldier who…

Movies

Interview: Brendan Gleeson on the way 'Calvary' depicts…

Brendan Gleeson talks about how his new film "Calvary" began over drinks and how his character here is the opposite of the lead in "The Guard."

Movies

'Get on Up' producer Mick Jagger on the…

Mick Jagger, a producer on the James Brown biopic "Get on Up," talks about the time had to tell the singer some bad news and his favorite JB record.

Television

'Glee' star Lea Michele to appear on 'Sons…

"Glee" star Lea Michele has been confirmed as a guest star in the final season of "Sons of Anarchy."

Television

TV watch list, Monday, July 28: 'The Bachelorette'…

See Andi Dorfman make her big choice on tonight's 'Bachelorette' finale.

NFL

Larry Donnell has inside track in Giants tight…

Little-known Larry Donnell of Grambling State currently has the inside track, as the second-year player has received the bulk of the first-team reps.

NFL

Computer to Jets: Start Michael Vick over Geno…

Jets general manager John Idzik says the choice of who starts between second-year quarterback Geno Smith and veteran Michael Vick will be a “Jets decision.”

MLB

Yankees looking to trade for Josh Willingham: Report

CBS Sports’ Jon Heyman reported Sunday the Yankees are interested in Twins outfielder Josh Willingham.

MLB

Joe Torre: I'm in Hall of Fame because…

Joe Torre spent 18 years putting together a near Hall of Fame career as a player. But it was the 12 years he spent as…

Travel

Glasgow: Hey, hey, the gangs aren't here

This European city has done a good job getting rid of its more violent residents and revitalizing with artists.

Education

Babson College tops list of best colleges for…

Money magazine has just released its inaugural list of "The Best Colleges for Your Money" -- and the answers have surprised many. Babson College, which…

Education

NYC teens learn how to develop apps during…

Through a program sponsored by CampInteractive, the high schoolers designed their own community-focused apps.

Tech

The Ministry of Silly Walks app is both…

Monty Python have dug into their back catalogue for cash-ins once more, but with the Ministry of Silly Walks app, they've made something that's fun too.