Facebook Is Close To Buying Israeli Startup Waze For $1 Billion

Advertisement

facebook mark zuckerberg

REUTERS/Robert Galbraith

TEL AVIV (Reuters) - Facebook Inc is in advanced talks to acquire Israeli mobile satellite navigation start-up Waze for $800 million to $1 billion, business daily Calcalist reported on Thursday.

Advertisement

Due diligence is underway after a term sheet was signed, Calcalist said, adding that talks began six months ago.

Waze uses satellite signals from members' smartphones to generate maps and traffic data, which it then shares with other users, offering real-time traffic info.

Complimentary Tech Event
Discover the future of SaaS in India
The 6-part video series will capture the vision of Indian SaaS leaders and highlight the potential for the sector in the decades to come.25th Aug, 2022 Starts at 04:00 PM (40 mins)Register Now
Our Speakers
Dan Sheeran
Sandeep Gupta

Officials at Waze declined to comment on the report.

Waze and Facebook partnered in October 2012 when Waze released its updated version that allows users to share their drive with their Facebook friends.

Advertisement

This would be Facebook's third acquisition in Israel. It bought Snaptu in 2011 for $70 million and Face.com in 2012 for $60 million.

In the last year, Waze tripled its user base to 45 million and in March alone, 1.5 million users downloaded the free mobile navigation app, Calcalist said.

(Reporting by Tova Cohen; Editing by David Cowell)

Facebook Is Close To Buying Israeli Startup Waze For $1 Billion