Facebook in talks to buy Israel’s Waze for up to $ 1 b: Report

Saturday, 11 May 2013 00:00 - - {{hitsCtrl.values.hits}}

Reuters: Facebook Inc is in advanced talks to acquire Israeli mobile satellite navigation start-up Waze for $ 800 million to $ 1 billion, business daily Calcalist reported on Thursday.

Due diligence is underway after a term sheet was signed, Calcalist said, adding that talks began six months ago.

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.

Officials at Waze declined to comment on the report.

Waze and Facebook partnered in October 2012 when Waze released its updated version that allows users to share their drive with their Facebook friends.

This would be Facebook’s third acquisition in Israel. It bought Snaptu in 2011 for $ 70 million and Face.com in 2012 for $ 60 million.

In the last year, Waze tripled its user base to 45 million and in March alone, 1.5 million users downloaded the free mobile navigation app, Calcalist said.

Discover Kapruka, the leading online shopping platform in Sri Lanka, where you can conveniently send Gifts and Flowers to your loved ones for any event including Valentine ’s Day. Explore a wide range of popular Shopping Categories on Kapruka, including Toys, Groceries, Electronics, Birthday Cakes, Fruits, Chocolates, Flower Bouquets, Clothing, Watches, Lingerie, Gift Sets and Jewellery. Also if you’re interested in selling with Kapruka, Partner Central by Kapruka is the best solution to start with. Moreover, through Kapruka Global Shop, you can also enjoy the convenience of purchasing products from renowned platforms like Amazon and eBay and have them delivered to Sri Lanka.