Tech giants Facebook and Google have been reportedly bidding over the acquistion of mobile satellite navigation startup Waze. According to Bloomberg, Google is interested in Waze. Earlier reports suggested that Facebook was also looking to pay up to $1 billion to acquire Waze. Citing anonymous sources Bloomberg says that Waze is seeking over $1 billion from potential bidders

The Israeli company has developed an app that gathers and correlates data from online communities and forums in order to improve driving directions.

Map and navigation services have become important for companies and Waze's real-time updates could become a valuable addition to Google's popular Maps service.

Waze uses satellite signals from its community member smartphones to correlate data and offer real-time traffic and navigation updates, alternative routes and alerts users to the presence of speed cameras and road works.