Confirming weeks of rumors about the future of Waze, the widely used cross-platform, crowd-sourced traffic and navigation service, Google today announced its acquisition of the company and plans to integrate the service with its own Maps offering.
“We’re excited about the prospect of enhancing Google Maps with some of the traffic update features provided by Waze and enhancing Waze with Google’s search capabilities,” Google vice president Brian McClendon stated today on the Official Google Blog.
Financial terms were not disclosed, but the deal is widely expected to have been worth at least $1 billion.
The Waze product development team will remain in Israel and operate separately for now, today’s announcement clarified.
“The Waze community and its dedicated team have created a great source of timely road corrections and updates,” McClendon added. “We welcome them to Google and look forward to working with them in our ongoing effort to make a comprehensive, accurate and useful map of the world.”
To read the full announcement from Google, click here.