Following numerous reports circulating online during the last weeks, Google today confirmed the acquisition of online mapping company Waze for $1.3 billion.
The deal with Google comes after discussions between Waze and social networking company Facebook fell apart last month.
Waze uses satellite signals from members' smartphones to generate maps and traffic data, which it then shares with other users, offering real-time traffic info.
"To help you outsmart traffic, today we?re excited to announce we?ve closed the acquisition of Waze. This fast-growing community of traffic-obsessed drivers is working together to find the best routes from home to work, every day," said Brian McClendon, Vice President, Geo at Google.
Google plans to enhance its Google Maps with some of the traffic update features provided by Waze and also enhance Waze with Google?s search capabilities.
Google said the Waze product development team would remain in Israel and operate separatel