Apple is looking to Buy Waze for $500M, Says Report
Apple is looking to buy Waze, a company behind a relatively popular social-navigation app with the same name i.e. Waze, according to a report. According to the report, Waze is eyeing a net $750 million worth deal while on the other side Apple is not willing to pay more than $400 million cash with an additional $100 million depending on the performance after the buyout.
Waze is quite popular social navigation app that has over 30 million users. The Waze service is used to share the routes and real time traffic information with their family and friends and this service basically helps suggesting better driving direction using the shared information. The app also allows you to share about the roadblocks, accidents and police car locations yet everything that you come across while driving. The app uses all that information and then suggests the alternative driving options to the users that eventually save their time.
Apple’s apparent interest in Waze is because of the poor performance of their own 3D Map app in iOS 6. Apple couldn’t live up to the expectations of the Apple fans and to make it up for that Apple CEO Tim Cook apologized to them and promised that a new and better version of the app will soon be available. And looks like the proposed acquisition of Waze is just another step to improve its own Map app.