Google Reveals How Much it Paid for Israeli App
Internet giant Google revealed on Thursday how much it paid to acquire the Israeli traffic app Waze.
In regulatory documents it filed, Google said it paid $966 million to buy the online mapping service, six weeks after closing the deal.
Last month, when it announced the acquisition of Waze, Google had withheld the exact price of the purchase. Most media outlets estimated that the purchase price was $1 billion, based on information from people familiar with the negotiations.
Waze, which has almost 50 million users, announced on June 11 that it had accepted an offer to join Google.
“The Google Maps teams have been following our progress closely and are excited about what we’ve accomplished,” Waze CEO Noam Bardin wrote.
“They share our vision of a global mapping service, updated in real time by local communities, and wish to help us accelerate. We are excited about the prospect of working with the Google Maps team to enhance our search capabilities and to join them in their ongoing efforts to build the best map of the world.”
The announcement came after weeks of speculation that the app would be bought out, including some reports that Google was in a bidding war with Facebook over Waze.
In January, the internet was ablaze with rumors that Apple was about to purchase Waze.
Apple later denied that it was in talks to acquire the Israeli navigation application, saying all the talk about the acquisition was "fabricated" and that no talks had taken place.
According to the document filed on Thursday, Google also bought seven other smaller companies for a total of $53 million during the month of June.