June 17, 2013 0 Comments
Is Waze Worth $1 Billion?
Mapping service Waze was acquired by Google for a reported $1.3 billion price tag this week. The Israeli firm crowdsources traffic data from its 50 million users, allowing it to provide real time reports on traffic flow, road blockages and the best routes. Its interactive design and functionality is superior to Apple’s mapping app. Waze’s success lies in its data accuracy, with information being created and edited in real time similar to Wikipedia.
The core reason the US Internet giant is purchasing the company for a whopping $1.3 billion, is for its growing social network. Aside being a navigation app, Waze is also a social network where people interact and exchange information. Waze’s data collection fits well within Google’s vision of mapping how we move in the real world, just as it’s mapped our movements on the web.
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