Facebook in talks with traffic report app co Waze
The companies may either collaborate, or Facebook may acquire the Israeli company.
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
- Tel Aviv market report
- Tel Aviv Stock Exchange
- Israeli stocks in NY
- Arbitrage gaps for dual-listed stocks
- Israeli stocks in Europe
- Israeli stocks on other markets
- Tel Aviv 25 options
- Mutual funds
- Current representative shekel rates
- Historical representative shekel rates
- Bank shekel rates
- Shekel/dollar options