Google has reportedly acquired Waze, a social maps app, for $1.3 billion, reported Globes Online, an Israeli business news site.
Waze, based in Ra'anana, is maps app available for smartphones, tablets and GPS units. It has become one of the most popular travel apps on the market because it shows the user traffic severity, police presence, roadblocks, accidents, speed traps and more, all from information given by its nearly 50 million users.
Waze has been up for sale for some time and the acquisition for Google is the end of long negotiations. Facebook and Apple were both said to have also been interested in buying the company, but both could not for different reasons.
Facebook reportedly wanted to close the company in Israel after purchasing it, they have done with other companies. Facebook representatives traveled to Israel to visit with Waze executives and left empty handed.
Apple reportedly did not bid on the Israeli maps app, despite reports that the company was interested. Apple CEO Tim Cook told AllThingsD.com that the company was investing heavily in their own maps apps because they "messed up" and had "more to do" in improving.
Google won in the end because they had made purchases in Israel before: website gadget developer Labpixies for $25 million and interactive video-clip developer Quiksee for $10 million. Google also kept those companies open in Israel, as opposed to Facebook's typical closing of its acquisitions.
The buyout, which was the company's goal, will pay Waze's top executives handsomely. CTO Ehud Shabtai will reportedly receive $78 million, president Uri Levine will receive $38 million and VP R&D Amir Shinar and his brother Gili will both receive $65 million.
Waze declined to comment and Google said they would not speak to "rumors and speculation." Experts believe the deal will be announced Monday.
