Google buys waze for an estimated $1.3 billion

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Google has announced its aquisition of the popular Israeli navigation app WAZE. At an estimated $1.1-1.3 Billion, the deal is one of the top acquisitions of an Israeli company ever. It was reported that WAZE's management made efforts to see to it that the Company's activities remain in Israel, at least for the coming years. Here's what Google VP Brian McClendon, had to say on the deal in Google's official blog: To help you outsmart traffic, today we’re excited to announce we’ve closed the acquisition of Waze.

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Google buys waze for an estimated $1.3 billion

  1. 1. Google buys WAZE for an estimated $1.3 BillionGoogle has announced its aquisition of the popular Israeli navigation appWAZE. At an estimated $1.1-1.3 Billion, the deal is one of the top acquisitions of an Israelicompany ever. It was reported that WAZEs management made efforts to see to it that theCompanys activities remain in Israel, at least for the coming years. Heres what Google VPBrian McClendon, had to say on the deal in Googles official blog: To help you outsmart traffic,today we’re excited to announce we’ve closed the acquisition of Waze. This fast-growingcommunity of traffic-obsessed drivers is working together to find the best routes from home towork, every day. The Waze product development team will remain in Israel and operateseparately for now. We’re excited about the prospect of enhancing Google Maps with some ofthe traffic update features provided by Waze and enhancing Waze with Google’s searchcapabilities. Peter Cohan reflected in Forbes on the four main reasons that Google made theaquisition: (1) WAZEs user engagement - its 50 million users worldwide are great advocates,thanks in part to its "sharing" culture, (2) to thwart the competition by keeping WAZE out of thehands of Facebook and Apple (3) to add the WAZE features Google lacks, like reporting trafficeaccidents and (4) to use WAZE as an alternative to Google Maps. The deal was also covered bythe New York Times, which noted that the acquisition highlights the increasing importance oflocation data in our on-the-go lives, whether it is in finding a place to eat or navigating anunfamiliar road. For the full Forbes article click here. For the full New York Times article clickhere. For the TechCrunch article on the acquisition click here. Israel Trade & Economic Office,Embassy of Israel - See more at: http://itrade.gov.il/india/2013/06/12/google-buys-waze-for-an-estimated-1-3-billion/#sthash.tC7ccrtm.dpuf

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