Facebook is reportedly in advanced talks to acquire mobile navigation app Waze for between $800 million and $1 billion. Talks between the two companies began around six months ago, and a term sheet has already been signed, according to business daily Calcalist.
Unlike traditional GPS navigation apps, Waze is community-based and uses maps and traffic data collected by its users. Not only does it offer voice-guided turn-by-turn directions, but also notifications for police traps, accidents, road hazards, and traffic jams.
Waze is available on both Android and iOS, and it’s completely free. Last year, the service tripled its user base to 45 million, with 1.5 million signups in March alone.
Waze first partnered with Facebook in October 2012, when it released an updated version of its app that allowed users to share their drive data with Facebook friends.
If the Facebook acquisition goes ahead, then Waze would become the third Israeli company to be taken over by the social network, following Snaptu in 2011 and Face.com in 2012.