Google reveals it spent $966 million in Waze acquisitionJul. 28, 2013
Mapping startups don't come cheap.
Google disclosed Thursday how much it paid for the Israel-based company behind the mapping app Waze: a whopping sum of $966 million.
This price is in a financial quarterly report that Google filed with the Securities and Exchange Commission Thursday. Apparently, the Web giant spent $847 million in goodwill, $188 million in intangible assets, and then minus $69 million in net liabilities. It was previously speculated that Google paid a little more than $1 billion for Waze.
Google snapped up Waze six weeks ago after earlier reports that both Facebook and Applewere also interested in the app. The way Waze works is it leverages a community of drivers to find the best routes through traffic. When the startup joined Google's ranks, rather than moving toward an IPO, it said it wanted to keep attention focused on its community of drivers.
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