Google including several large technology firms contacted Waze to discuss acquisition which has became public knowledge earlier this month. A bidding war between Facebook and Google has taken to acquire a social navigation app Waze.
Waze which planed to acquire Facebook was reportedly in talks for past six months which asking for more than $1 billion, but Facebook hope to acquire it between $800,000 and $1 billion, the sources said. To make the bid more interesting Google has entered in to play but likely the social media company will up the bid.
It was rumored in January that Apple and Waze were in negotiations with the iPhone maker willing to pay up to half a billion dollars. Sources at the time said Apple had offered $400 million in cash and $100 million in incentives, based on performance.
Waze to remain independent turn down all of the offers instead try to raise a round of venture capital financing. Bloomberg sources said. Waze who has more than 30 million users who share current traffic information is the fastest-growing community in traffic and navigation app
30 million drivers out on the roads are working together on common goal as to get everyone the best route. “Get alerted before you approach police, accidents, road hazards or traffic jams, all shared by other drivers in real time. It’s like a personal heads-up from a few million of your friends on the road.”
Waze editors are continuously improving the updation of apps which helps in bid to improve users driving experience. Since technology companies like Facebook and Google is likely to expand their mobile offerings, where Waze forms an attractive addition, especially in mapping applications.
Waze was initially funded by the Blue Run Ventures, Magma Venture Partners and Vertex Venture Capital and recently received additional funding from Kleiner Perkins and Li Ka-shing’s Horizon Ventures, according to the company’s website.