News Briefs

  5/9/2013, Iyar 29, 5773

Facebook Set to Buy Waze for $1 Billion

ChannelsTV says Facebook Inc is in advanced talks to acquire Israeli mobile satellite navigation start-up Waze for $800 million to $1 billion, business daily Calcalist reported on Thursday.

Waze uses satellite signals from members’ smartphones to generate maps and traffic data, which it then shares with other users, offering real-time traffic info.

Officials at Waze declined to comment on the report, adds ChannelsTV.

In the last year, Waze tripled its user base to 45 million and in March alone, 1.5 million users downloaded the free mobile navigation app, ChannelsTV said, quoting Calcalist.