Google Paid $966M to Acquire Waze image

Google paid $966 million for the acquisition of the Israel-based startup Waze.

The purchase was announced last month, but Google did not offer information about the price it has paid to buy Waze. Media outlets estimated the deal at around $1 billion, relying on information from anonymous sources.

Waze is an Israel-based startup company which offers a mapping application which uses crowdsourcing for attaining real-time information on traffic. The app is free for Android, Symbian, Windows Phone and iOS, and it is currently in beta for BlackBerry.

“To help you outsmart traffic, today we’re excited to announce we’ve closed the acquisition of Waze. This fast-growing community of traffic-obsessed drivers is working together to find the best routes from home to work, every day,” Brian McClendon, vice president of Google’s Geo products, said in June.

Earlier this month Google CEO Eric Schmidt said that the opportunities showed by EVs made the company consider joining the segment. Google is already an important player in the auto industry through its driverless and connectivity auto projects. Schmidt said that Google is heavily investing in R&D in all areas of the auto industry, which means that also EVs.