Report: Google to Acquire Israeli Mapping Startup for $1.3B, Facebook Also Interested

GoogleGoogle Inc. could acquire Israeli mapping startup Waze for $1.3 billion amid competing bids for the company, Reuters reported Monday.

Citing an Israeli newspaper, Ari Rabinovitch writes Facebook Inc. also wants to buy Waze and has offered $1 billion as the social media aims to grow its customer base.

Google negotiated with the startup in May, according to Reuters.

Waze provides mobile application combining data from its 47 million members to help travelers search directions.

Rabinovitch writes smartphone manufacturers embed mapping services into their products to engage and retain users and that mapping is among the top five most used applications.

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