Google announced on Tuesday that it had closed its deal to buy Waze, an Israel-based social mapping start-up that features real-time traffic data provided by users to help drivers find the fastest route to a destination.
Although Google did not disclose the purchase price in its blog post announcing the acquisition. But a person with knowledge of the transaction said it was $1.3 billion.
Waze has drawn a particularly passionate base of nearly 50 million users around the world. In any given month, about one-third of them turn on the app to access the company’s directions. Waze passively tracks their movements via GPS to generate live information about traffic. Users can also add their own information about accidents, police speed traps and road hazards.
Google said that Waze would remain separate from its Google Maps service. But some of Waze's real-time traffic data will feed into Google Maps. Google also incorporate its search capabilities into Waze.
Waze has won the Best Overall Mobile App award at the 2013 Mobile World Congress, beating Dropbox, Flipboard and others.
Waze was founded in 2009 by Uri Levine, software engineer Ehud Shabtai, and Amir Shinar. The company's Chief Executive Noam Bardin and few employees are based in Waze's U.S. headquarters in Palo Alto, California, but the majority of the staff are in Ra'anana, not far from Tel Aviv.