Google Inc (NASDAQ:GOOG) could unveil this week a $1.3bn (€982m) deal to buy Israeli mobile map software company Waze Inc, as talks are final with only a few details left to be settled, an insider told Reuters.
Israeli financial newspaper Globes reported earlier that Google and Waze were close to a deal, indicating the same price of $1.3bn.
Waze discussed a transaction with US social network company Facebook Inc (NASDAQ:FB) before the one with Google, but those negotiations failed in May, after the Israeli firm refused to relocate its Israeli-based engineering team to the US, AllThingsDigital reported.
Waze started seeking further funding late in 2012 and switched focus towards sale negotiations after receiving interest from several parties, the informed source told Reuters. The company, with 47m users, has raised a total of $67m in funding since it started operations four years ago, Reuters said.
It provides real-time traffic information by generating maps and traffic data from members’ smartphones which it then shares with other members.
With mapping services among the five most-used apps on smartphones, they are seen as key to gaining and keeping mobile users, Reuters said.
Google and Waze did not wish to comment to the news agency.