Traffic app Waze 'turned down Apple's $400m, wants $750m' - report
Maybe THIS will fix Maps
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After asking users to fix it, its own retail staff to fix it, and finally deciding to fix it in-house, Apple is looking to buy its way into maps dominance and is rumoured to be sniffing around Waze, a Israeli maps company that specialises in car journeys and live traffic information.
Apple has offered $400m for the start-up whose yearly revenue is $1m, Techcrunch claims, quoting an unnamed source. According to the report, Waze has turned this down and is asking for $750m. Neither company had confirmed at the time of publication.
Waze, the social driving maps app that has caught Apple's eye
It is thought to be the live traffic information that has grabbed Apple's attention. Users don't need to actively upload data to contribute to Waze's traffic information service, simply driving along with the app open sends off data about traffic speeds and jam locations.
Waze also incorporates funky social location facilities in its Android and iOS apps, allowing you to see where your friends are driving, share gas (petrol) prices and chat to drivers nearby. Waze uses game rewards such as "treasure chests" to incentivise users to check the maps and also fill in details where mapping information is incomplete.
Often considered a rival to Foursquare, Waze focuses more on traffic and less on coffee shops. Last year Waze introduced Foursquare-style Waze adverts, which offer local businesses a way to advertise to users nearby.
Based in Paolo Alto, Waze was founded by graduates of Tel Aviv University in 2006 out of frustration that GPS systems did not incorporate live information. ®
COMMENTS
I think asking Apple to pay 53% more than what the company is actually worth is appropriate.
After all, Apple charges their customers unreasonable amounts as well.
A map app that offers incentives...
I need that like a hole in the head.
Sell it to Facebook, wait a year and watch how the new Facebook Map App will bombard you with ads
"Turn left and then stop off at Asda for a ready cooked chicken"
"Now turn right, on you left before the second left call into KFC for a healthy meal"
"Your destination won't be for another 120 miles, before you get there let us make a another suggestion...."
Nooooooooooo.
Re: You actually use 19th avenue to get to the GG bridge?
SF had freeways. They ruined the city and threatened to fall down in an earthquake (see the Oakland freeway circa 1989), thus were torn down in the early '90s.
The real problem is all the people who think that living in Marin and working in Palo Alto is a good plan. Note, those are the same people who fought against extending BART to Marin because it would bring 'undesirable people' over the bridge.....
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