Google confirmed in the announcement that it has acquired the company but didn’t provide any financial details related to the deal. Waze for now will continue to operate in Israel separate from the Google Maps team, but Google also has plans to integrate its search technology into Waze products.
We’ll also work closely with the vibrant Waze community, who are the DNA of this app, to ensure they have what’s needed to grow and prosper.
As for what specific traffic features you might see come to Google Maps, Google’s Vice President of Geo Brian McClendon notes “The Waze community and its dedicated team have created a great source of timely road corrections and updates.”
Google had been rumored several times in recent weeks to be acquiring the company with the latest reports claiming the deal would be somewhere in the $1B range.
It was previously revealed that Waze was one of many mapping companies providing data for Apple’s new in-house Maps apps in iOS 6 and Apple was at one point rumored to purchase the company.
Waze’s mapping app, currently available for both Android and iOS, is a “community based mapping” solution that focuses on social elements and user reporting while collecting “real-time traffic & road info.” Waze maps include features for users to actively report events such as local traffic problems or gas prices and also offers Foursquare check-in integration.