Click to Skip Ad
Closing in...

Waze said to have rejected Apple’s buyout offer

Published Jan 4th, 2013 2:28PM EST
Apple Waze Buyout Rejected

If you buy through a BGR link, we may earn an affiliate commission, helping support our expert product labs.

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 (AAPLto 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.

Dan joins the BGR team as the Android Editor, covering all things relating to Google’s premiere operating system. His work has appeared on Fox News, Fox Business and Yahoo News, among other publications. When he isn’t testing the latest devices or apps, he can be found enjoying the sights and sounds of New York City.