It isn’t often you hear about a small startup rejecting a buyout offer from the world’s most valuable company, but times may be changing. Earlier rumors had claimed a deal was in the works for Apple (AAPL) to acquire social navigation startup Waze in a desperate effort to improve its widely-panned Maps application. Waze was said to be seeking a hefty $750 million payout from Apple and is now believed to have rejected the company’s offer, according to The Next Web. Despite the fact that Waze was valued around $200 million in its last round of funding, investors were reportedly aiming for a higher offer, possibly in the $1 billion range. The Next Web’s sources claim the company has received more than one acquisition offer in the past year, but it has declined them all and is looking to “build something big and not look for a quick exit.” Waze is believed to have nearly 30 million users, however the company is having trouble monetizing the service.
Despite earlier rumors that claimed a deal was in the works, CNET and TechCrunch are both reporting that Apple (AAPL) has no plans to acquire Waze. It was previously reported that Apple was considering a buyout of the social navigation startup in an effort to improve its widely-panned Maps application. A second report suggested that negotiations between the two companies were further along than once thought and that Waze was seeking a hefty $750 million payout from Apple. According to MG Siegler of TechCrunch, however, “there is no deal happening, at least not now or anytime soon.”
Following multiple reports from Wednesday that suggested Apple (AAPL) has an interest in acquiring social navigation service Waze, a new report suggests that negotiations between the two companies may be further along than we initially thought. Waze, a voice-guided navigation service provider that enhances its product by collecting and analyzing data from active users, is apparently receptive to the idea of being acquired by Apple but it is holding out for a hefty $750 million payday, TechCrunch reports. There is still a fair amount of ground to make up according to the report, as Apple has supposedly offered $400 million plus another $100 million in incentives.
Less than a month after rumors of a potential TomTom acquisition swirled, Apple (AAPL) is now reportedly considering a buyout of social navigation startup Waze in an effort to improve its much-maligned Maps application. TechCrunch reported on Wednesday that “there are rumours flying around that Apple is sniffing around Waze with a view to a possible acquisition,” though the source of the rumors is unclear. A similar report was published by Israeli news site NewsGeek. More →
In the latest version of Apple’s (AAPL) mobile operating system, the company has replaced Google Maps with its own service. Initial previews of the feature were critical and most agreed that Apple had a long way to go if it was looking to dethrone Google (GOOG). Business Insider spoke with Waze CEO Noam Bardin about the iPhone’s new turn-by-turn directions, and the executive offered little praise. Waze, along with TomTom and some other companies, provides traffic information for the new mapping service, although Bardin’s comments suggest that Apple is relying predominantly on TomTom. More →
Facebook (FB) may be interested in acquiring or possibly collaborating with the popular turn-by-turn navigation app creator Waze. According to the Israel-based publication Globes, executives from the social networking giant recently sat down with executives from Waze, however the purpose of the talks is unknown. It has long been rumored that Facebook is interested in entering the mobile space with its own “Facebook Phone,” making a partnership or even an outright acquisition of the navigation company a possibility. Waze has raised $67 million since being founded in 2007 and has more than 20 million subscribers across 45 countries. The company has previously partnered with Apple (AAPL) to provide traffic information for the new Maps application in iOS 6. More →
Waze, the popular mobile application that offers turn-by-turn navigation, will soon make the jump from smartphones to cars later this year, according to the company’s CEO Noam Bardin. The executive revealed that his firm is working with most major automakers, although he failed to disclose which ones. “The same innovation that’s happening in the smartphone is going to tip into the car,” Bardin said in an interview with Bloomberg. Waze, which is available for free on both the iPhone and Android devices, has some 19 million users, all whom have the ability to share traffic information and earn different rewards. The company’s foray into the automobile industry comes as both Apple and Microsoft have revealed plans to greater integrate their ecosystems into upcoming vehicles. More →