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Apple Offers Israel’s Waze a Half-Billion Dollar Deal

Popular Israeli Crowd-Sourcing Traffic Application Founded in 2008

By: David Shear
Published: January 3rd, 2013 in Business » World
Waze Mobile
Reports on the Israeli technology website News- Geek, say that tech giant Apple has made an offer of close to a half-billion dollars for Waze Mobile, maker of the popular Israeli crowd-sourcing maps and traffic application.

And, in light of the problems with Apple Maps, which has seen users led astray due to its inability to communicate clear directions, and even forced Apple CEO Tim Cook to issue an apology, it may be money well spent.

This is not the first report of negotiations to sell the company, which was founded in 2008 by Ehud Shabtai, Amir Shinar and Uri Levine.

Waze has raised more than $67 million in capital, according to the Israeli business and finance daily, Globes, and boasts over 20 million subscribers in 45 countries.

A senior source in the Israeli venture-capital field said that Waze refused an offer of between $200 and $300 million made about six months ago from a potential buyer, apparently Facebook.

The unnamed source said that Waze refused to sell for less than a billion dollars.

Waze uses unique crowd-sourcing technology, allowing it to gather more precise data. The application allows drivers to located specific traffic conditions and directions, while sending up-to-the-minute data back to the company’s servers.

The app also allows its users to edit maps and thereby provide fine-tuned detail.

Related articles: Apple, Mac, Israel, Billion, Deal, Crowd-Sourcing, Traffic, Application, App, Offer, Waze
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