Facebook Inc is in advanced talks to acquire Israeli mobile satellite navigation start-up Waze for $800 million to $1 billion, business daily Calcalist reported on Thursday.<\/p>\n
Due diligence is underway after a term sheet was signed, Calcalist said, adding that talks began six months ago.<\/p>\n
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.<\/p>\n
Officials at Waze declined to comment on the report.<\/p>\n
Waze and Facebook partnered in October 2012 when Waze released its updated version that allows users to share their drive with their Facebook friends.<\/p>\n
This would be Facebook’s third acquisition in Israel. It bought Snaptu in 2011 for $70 million and Face.com in 2012 for $60 million.<\/p>\n
In the last year, Waze tripled its user base to 45 million and in March alone, 1.5 million users downloaded the free mobile navigation app, Calcalist said.<\/p>\n
Facebook\u2019s Android plans<\/a><\/strong><\/p>\n Facebook\u2019s greatest threat: mobile messaging<\/a><\/strong><\/p>\n