Facebook Inc. (Nasdaq: FB) executives recently visited Israel to meet with executives of traffic report app company Waze Ltd.
The purpose of the talks is not known, but the two companies are reportedly headed for collaboration, possibly involving the use of Waze's application via Facebook. Alternatively, Facebook may acquire Waze.
If Facebook acquires Waze, this would be Facebook's third acquisition in Israel, after acquiring facial recognition company Face.com for $60 million in June 2012, and Snaptu, which provides access to Facebook from mobile phones for $70 million in 2011. Facebook closed Face.com a few weeks later, transferring its employees to Facebook's headquarters in Silicon Valley.
Founded in 2007, Waze has raised $67 million to date and has over 20 million subscribers in 45 countries. Waze already has a cooperation agreement with Apple. The Israeli company has provided a traffic reporting app for the new GPS program in smartphones that Apple will be launching in several weeks time.
Most Popular Stories
- 15 Myths That Could Ruin Your Hispanic Ad Campaign
- General Motors Names Mary Barra as First Female CEO
- AIG to Create 230 Jobs in Charlotte
- Bitcoin Clones Lurch Onto Financial Scene
- Russia Says Nyet to Canada North Pole Claim
- Scripps Shares Rise on Reported Bid Talks
- Budget Deal Sets Off Grumbles in Both Houses
- Bipartisan Negotiators Reach Modest Budget Agreement
- Californians Want to Legalize Marijuana
- Health Care Signups Picked up Pace in November