Google is offering $1.1 billion to acquire the crowd-sourced maps company Waze, according to a Bloomberg report. The news comes after earlier reports that Apple had been interested in Waze.
Waze's mobile app for iOS and Android gathers map information from its 40 million users. Those maps are then edited by users who have been promoted to a status that allows them to check and ensure that new routes are accurate. Because of its crowd-sourced model, Waze is able to report traffic conditions, construction zones and other hazards or delays in real time.
Many believed Apple would snatch up Waze but talks between the two Cupertino-based companies apparently never progressed. TechCrunch reported that Apple, which uses Waze data for its criticized Apple maps products, offered Waze between $500 to $750 million, but that claim was later put to rest by a follow-up report. from TechCrunch that stated Apple never made a bid for Waze.
Bloomberg first reported on Google's talks with Waze in a May 23 report. News of the completed deal was first reported yesterday by Globes, an Israeli outlet. Globes reported the final bid was $1.3 billion.
Bloomberg reported that Google and Waze could officially announce the deal as early as yesterday. As of this writing nothing had been confirmed.