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'
Friday 24 May 2013
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
Report finds English children among the unhappiest in world
Sheridan Le Fanu: Google Doodle marks birthday of Irish writer
The ALS Association doesn't yet know what to do with all this ice bucket challenge money
Anal sex study reveals climate of 'coercion'
The science of saturated fat: A big fat surprise about nutrition?
Exclusive: We share blame for creating 'jihad generation', says Muslim strategist
Robin Williams Emmys tribute led by Billy Crystal criticised for including 'racist' joke about Muslim woman
The Rotherham child abuse scandal is a tale of apologists, misogyny and double standards
Scottish independence TV debate: Pumped-up Alex Salmond bounces back in bruising second round against Alistair Darling
Do you realise just how foolish the UK looks?
Ukip Douglas Carswell defection: Tory MP jumps ship to join Nigel Farage
- 1 Paul Scholes: Manchester City were so good against Liverpool I felt like turning the television off
- 2 Notting Hill Carnival: Woman shares selfie after being ‘punched in face for telling man to stop groping her’
- 3 Pamela Anderson rejects ice bucket challenge because of ALS experiments on animals: 'Mice had holes drilled into their skulls'
- 4 Homer Simpson takes the ALS ice bucket challenge because of course he does
- 5 Hello Kitty is not a cat after all
- < Previous
- Next >
iJobs Gadgets & Tech
£180 - £220 per day: Ashdown Group: Systems & Network Administrator (Windows, ...
£35000 - £40000 per annum + benefits: Ashdown Group: The Ashdown group has bee...
£45000 - £60000 Per Annum + benefits: Clearwater People Solutions Ltd: Scrum M...
£20000 - £30000 per annum + OTE £40,000: SThree: SThree Group have been well e...