Waze Ltd. CEO Noam Bardin has been blogging about why the navigation and traffic report app decided to accept the acquisition offer of Google Inc. (Nasdaq: GOOG).
He wrote, "Nothing practical will change here at Waze. We will maintain our community, brand, service and organization - the community hierarchy, responsibilities and processes will remain the same. The same Waze people will continue to collaborate with you, and we will continue to innovate our product and services, making them more social, functional and helpful for everyday drivers. Our employees, managers, founders and I are all committed to our vision for many years to come."
Bardin continued, "Why not stay completely independent? We asked ourselves: 'Will Waze still be a fun project to participate in, and a fun place to work, as a stand-alone public company?' Choosing the path of an IPO often shifts attention to bankers, lawyers and the happiness of Wall Street, and we decided we’d rather spend our time with you, the Waze community. Google is committed to help us achieve our common goal and provide us with the independence and resources we need to succeed. We evaluated many options and believe Google is the best partner for Waze, our map editors, area managers, champs and nearly 50 million Wazers globally.
"Together, we can accelerate our mission to outsmart traffic. We will continue to make a real impact on drivers globally, helping them save time and money while making everyone’s daily commute a bit more efficient and fun."
Bardin concluded, "So, it’s back to work for us with some great new colleagues and resources to enhance our project. Thank you for your participation in shaping Waze to what it is today, and we look forward to continuing to build out Waze together with you."
Last night Prime Minister Benjamin Netanyahu phoned Bardin and said, "Congratulations, you reached your destination. You put Israeli technology on the global map. You are also contributing to state coffers, which is welcome at this time. I am waiting for your next start-up. You have done exceptional work."
Google did not disclose the amount it is paying for Waze but sources close to the deal say it is somewhere around $1.1 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on June 12, 2013
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