je.st
news
Facebook to buy navigation app Wave - report
2013-05-09 16:54:00| Telecompaper Headlines
(Telecompaper) Facebook is in advanced talks to buy navigation and traffic congestion app developer Waze for up to USD 1 billion, according to multiple reports from Israel, where Waze is based. Apple was earlier rumoured to be interested in Waze, at a price tag of around USD 500 million. The Waze app provides GPS navigation and crowd-sourced updates on congestion, police, traffic cameras, accidents and road hazards. The company has more than 34 million users and expects to reach 70 million by the end of the year. Founded in 2009, Waze raised USD 30 million in October 2012 from Li Ka-Shing's Horizons Ventures, Kleiner Perkins Caufield & Byers, and Ifund. The company has raised USD 67 million to date. Other investors include BlueRun Ventures, Qualcomm Ventures, Microsoft, Magma Venture Partners, and Vertex Venture Capital.
Tags: report
buy
navigation
wave
Category:Telecommunications
Latest from this category |
All news |
||
|
|||