Facebook to spend $1 billion on satnav firm Waze
Crowd-sourced satnav firm Waze to become Facebook's latest acquisition
Facebook is in advanced talks to acquire Israeli mobile satellite navigation firm Waze for $800 million to $1 billion, according to reports.
Due diligence is underway after a term sheet was signed, reports business daily Calcalist, adding that talks began six months ago.
Waze uses satellite signals from members' smartphones to generate maps and traffic data, which it then shares with other users, offering real-time traffic info.
Officials at Waze declined to comment on the report.
Waze and Facebook partnered in October 2012 when Waze released an updated version of its app that allows users to share their drive with their Facebook friends.
This would be Facebook's third acquisition in Israel. It bought Snaptu in 2011 for $70 million and Face.com in 2012 for $60 million.
In the last year, Waze tripled its user base to 45 million and in March alone, 1.5 million users downloaded the free mobile navigation app.