Google has agreed to pay $1bn (£640m) for Tel Aviv-based mapping app Waze, in a deal confirmed yesterday.
The purchase of Waze, a traffic map app with 47 million users, means Google will be able to use the acquisition to bolster its own Maps service.
Waze uses data from its network of subscribers to provide up-to-date information about road works, accidents, slower lanes and speed cameras. It creates personal routes for drivers and promises to help "outsmart traffic and get everyone the best route to work and back, every day".
Brian McClendon, Google's vice president for geo-products, said in a post on Google's official blog that the Waze team would remain in Israel and operate as a separate entity.
McClendon wrote: "We’re excited about the prospect of enhancing Google Maps with some of the traffic update features provided by Waze and enhancing Waze with Google’s search capabilities."
Google was thought to be close to paying $1.3bn (£830m) for the app but two people familiar with the deal said the buying price was $1bn (£640m), according to the Financial Times.
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