Google reveals it paid $966 million to acquire Waze traffic app

The search giant has disclosed the amount it paid to acquire Israeli mobile app developer, Waze.

Published Date
26 - Jul - 2013
| Last Updated
26 - Jul - 2013
Google reveals it paid $966 million to acquire Waze traffic app

Google has finally disclosed that it bought Israel-based mobile app developer Waze last month for $966 million.

According to Google's financial results, the company spent a total of $966 million on the deal, of which $847 were spent on goodwill, $188 million were spent on "intangible assets." Around $69 million were taken off the price for "other net liabilities assumed."

Waze was founded in 2007 in Israel. The company's eponymous app encourages drivers to get into their cars and share driving conditions and experiences with other members of the online community. Waze also provides real-time information on traffic and gives suggestions for short-cuts and stops along the way. The company will operate independently from Google for the time being according to the deal.

Waze has 50 million users and the company has recently raised $67 million in growth funding. The mobile navigation app is available for Android, iOS, Symbian, Windows Phone and for BlackBerry in Beta.

According to the report, "In June 2013, we completed our acquisition of Waze Limited (Waze), a provider of a mobile map application which provides turn-by-turn navigation and real-time traffic updates powered by incidents and route information submitted by a community of users, for a total cash consideration of $966 million."

Google added, "The acquisition is expected to enhance our customer's user experience by offering real time traffic information to users' daily navigation needs."

The report also noted that Google has bought 15 other companies for $344 million in the first 6 months of 2013.

Source: ET