Google and Facebook $1bn 'bidding war' over Waze navigation app - Telegraph.co.uk

Google and other large tech companies have approached Waze about a possible deal since the Facebook talks became public. None of the bidders is close to clinching a deal and the talks may fall apart. Waze may also walk away from the discussions and use more venture backing to expand its mapping program, which has more than 40 million users. Google has a widely used mapping tool and could use Waze's technology to add social features to the software. A takeover would also eliminate a competitive threat and keep the startup out of the hands of another company. Apple is not currently part of the discussions. Waze raised $30 million in 2011 in a funding round led by Kleiner Perkins Caufield & Byers and Hong Kong billionaire Li Ka-shing's Horizons Ventures Hong Kong. Earlier investors include Magma Venture Partners and Vertex Venture Capital in Israel and BlueRun Ventures in Silicon Valley. Julie Mossler, a spokeswoman for Waze, declined to comment. Waze, a free service, generates revenue via location-based advertising. Its tools are also available over the Web. Edited for telegraph.co.uk by Jennifer O'Mahony via Technology - Google News http://news.google.com/news/url?sa=t&fd=R&usg=AFQjCNHLOnSxlbVyed_clpqbV6lhSBPLdg&url=http://www.telegraph.co.uk/technology/google/10078418/Google-and-Facebook-1bn-bidding-war-over-Waze-navigation-app.html

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