Apple, Google and Facebook consider buying GPS app Waze, sparking bidding war
Tech giants interested in buying programme with estimated price 'as much as $1 billion'
Crowdsourced navigation app Waze is reportedly at the centre of a bidding war with the company “fielding expressions of interest from multiple parties”, Bloomberg reports.
Facebook, Google, and other unknown companies are expected to be among the bidders, with the estimated price for the app currently “as much as $1 billion (£662 million)”.
Waze is a free GPS navigation system that offers turn-by-turn guidance. It differs from most map applications by sourcing some of its data from its users, providing estimated driving times by tracking users anonymously and encouraging drivers to record fuel prices and places of interest.
The company was founded in Israel in 2008 and first raised $25 million (£16.6 million) of funding in 2010 followed by a further $30 million in 2011.
Other interested parties could include Apple, who were first rumoured to be interested in the company in January.
The release of Apple’s iOS 6 operating system for phones saw their in-house map software widely criticised, with errors including the listing of non-existent cities and mislabelled landmarks.
Apple opted to remove Google Maps from their smartphones but ended up apologising for their mistakes and suggesting that customers download new map apps from the App Store. Waze was among the alternatives suggested to customers by Apple CEO Tim Cook.
For Google, the acquisition would help the company keep a prominent position in the mapping market, while for Facebook the social-features of Waze would offer an opportunity to improve the geo-tagging functionality and community aspects of the social network.
The bids might result in a successful takeover of Waze, but equally the company might use such high-profile interest to fuel another round of financing, allowing them to retain independence and expand their service.
Life & Style blogs
Alexander McQueen at auction: What makes a really great piece of fashion?
A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
No female ejaculation, please, we’re British: a history of porn and censorship
Stressed nurses are 'forced to choose between health of patients and their own'
Pornhub: Kim Kardashian's sex tape is the most-watched porn video of all-time
Disgruntled RBS worker writes hilarious open letter to Russell Brand after anti-capitalist publicity stunt leaves him hungry
Shock poll shows voters believe Ukip is to the left of the Tories
Nigel Farage's approval rating hits 'record low' as popularity suffers in wake of Ukip sex scandal
Nigel Farage defends Kerry Smith 'ch***y' comment: 'If you are going for a Chinese, what do you say you’re going for?'
Ukip candidate jokes about 'shooting peasants' in racist and homophobic rant
Pakistan school attack live: Taliban kill at least 132 children in 'horrifying' massacre
- 1 Nigel Farage: Me vs Russell Brand on Question Time – he's got the chest hair but where are his ideas?
- 2 Harry Potter fans can apply to the Hogwarts-inspired College of Wizardry
- 3 Jessica Chambers: 19-year-old woman 'doused with lighter fluid and burned alive' in the US
- 4 Russell Brand calls Nigel Farage 'poundshop Enoch Powell' in BBC Question Time debate
- 5 Orange Wednesdays are no more
iJobs Gadgets & Tech
£50000 per annum + 26 days holiday,pension: Ashdown Group: A highly successful...
£30 per hour: Ashdown Group: An industry leading and well established business...
£20000 per annum: Ashdown Group: A highly reputable business is looking to rec...
£28000 per annum: Ashdown Group: A highly reputable business is looking to rec...