Tech giants Facebook and Google have been reportedly bidding over the acquistion of mobile satellite navigation startup Waze.
According to
Bloomberg, Google
is interested in Waze. Earlier reports suggested that Facebook was also
looking to pay up to $1 billion to acquire Waze. Citing anonymous sources
Bloomberg says that Waze is seeking over $1 billion from potential
bidders
The Israeli company has developed an app that gathers and correlates data
from online communities and forums in order to improve driving
directions.
Map and navigation services have become important for companies and
Waze's real-time updates could become a valuable addition to Google's
popular Maps service.
Waze uses satellite signals from its community member smartphones to
correlate data and offer real-time traffic and navigation updates,
alternative routes and alerts users to the presence of speed cameras and
road works.