Barely 48 hours after it was rumoured that Google had staked an interest in Israeli start-ups Waze Ltd, the Internet giants have sealed the deal. In a blog post on Google’s official blog, Brian McClendon, the Vice President of Google’s Geo division, announced the acquisition. There was no mention of the actual cost of the deal, however – although it’s a fairly safe bet to place it around the $1.3 billion being touted a couple of days back.
In the blog post, McClendon stated that the Waze team will remain in Israel and operate separately for the time being. The acquisition will see Waze’s traffic update features enhancing Google’s Maps and in return, Google will improve search capabilities on Waze, as well as pledging to “work closely” with the Waze community.
(Source: Google Official Blog)
Image credit: Mashable