Facebook Inc. (Nasdaq: FB) executives recently visited Israel to meet with executives of traffic report app company Waze Ltd.
The purpose of the talks is not known, but the two companies are reportedly headed for collaboration, possibly involving the use of Waze's application via Facebook. Alternatively, Facebook may acquire Waze.
If Facebook acquires Waze, this would be Facebook's third acquisition in Israel, after acquiring facial recognition company Face.com for $60 million in June 2012, and Snaptu, which provides access to Facebook from mobile phones for $70 million in 2011. Facebook closed Face.com a few weeks later, transferring its employees to Facebook's headquarters in Silicon Valley.
Founded in 2007, Waze has raised $67 million to date and has over 20 million subscribers in 45 countries. Waze already has a cooperation agreement with Apple. The Israeli company has provided a traffic reporting app for the new GPS program in smartphones that Apple will be launching in several weeks time.
Published by Globes [online], Israel business news - www.globes-online.com - on August 28, 2012
© Copyright of Globes Publisher Itonut (1983) Ltd. 2012
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