Posted May 19th 2013 2:00PM
TechCrunch reports that Facebook is moving to purchase the navigation and traffic app Waze for a lofty sum. The buy would be the latest in a long line of high-dollar acquisitions by the social networking site, and both sides of the acquisition have reportedly entered into advanced due diligence after negotiations began six months ago. Early estimates put the payout somewhere between US$800 million and US$1 billion... if both sides can overcome a few stumbling blocks. The biggest of those is whether or not Waze will remain based in Israel or if it will relocate to the North America.
While both companies are remaining silent about the potential purchase, such a move makes sense. Facebook is constantly refining its mobile experience, and the site boasts 751 million active monthly mobile users. That's a jump of 54 per cent over last year, outpacing Facebook's desktop growth by nearly double, and the site would surely benefit by offering its mobile users navigation functionality.
Interestingly, this apparently isn't the first time Waze has found itself the object of a larger entity's lust – Apple reportedly showed interest in the company not so long ago.
Scroll down to watch a news video on the purchase.