Globes: Google to acquire Waze for $1.3b

According to sources talking to Globes Google is set to acquire GPS Navigation company Waze for $1.3 billion. Apple and Facebook had been rumoured to be trying to acquire the company however Globes reports that no deal was reached apparently due to the price tag, and that Facebook did not want Israeli employees to continue to work in Israel.

Waze Ltd was founded in 2008 by Uri Levine, Ehud Shabtai, and Amir Shinar. In 2010 the company raised $25 million in a second round of funding, in 2011 the company raised an additional $30 million in financing.