Google completes traffic report firm Waze acquisition

PanARMENIAN.Net - Google has completed its acquisition of navigation and traffic report firm Waze, Digital Spy reported.

The web giant was linked with a $1.3 billion buyout of the Israeli start-up this week and has now wrapped up the deal.

"To help you outsmart traffic, we're excited to announce we've closed the acquisition of Waze," Google announced on its blog. "This fast-growing community of traffic-obsessed drivers is working together to find the best routes from home to work, every day. "

"The Waze community and its dedicated team have created a great source of timely road corrections and updates. 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."

The Waze app was founded in 2007 and has some 30 million users who contribute to real-time traffic data that is used to deliver the best directions to subscribers.

Waze will continue to operate independently and remain based in its native Israeli following the completion of Google's acquisition.

Facebook and Apple were previously linked with buyout bids for Waze, both of which were apparently unsuccessful.