Google said to be planning $1 billion Waze bid

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Google set to make $1 billion purchase?

Google are reported to be on the verge on a $1 billion (£662 million) bid for Waze, the online map software which includes social elements and real time information from other drivers.

This follows rumours that several other parties are interested in making a bid for the company which was officially founded in 2006, gaining significantly in popularity in recent years. It would be one of the biggest deals since Instagram was purchased by Facebook, with the social media giant also said to be interested in adding Waze to its portfolio.

What is Waze?

Waze is a form of social media for drivers, bringing people together to inform each other of road closures, traffic issues, speed cameras and any further factors which have the potential to bring chaos to your journey. The service can also be connected to social media platforms, allowing groups of friends travelling separately to the same destination to discover exactly where their friends are and what time they'll arrive.

Further information provided by Waze includes information on the nearest petrol stations and how the prices compare at the various options, helping drivers to save money when refuelling. The social and mapping elements of the Waze app makes it an obvious target for both Google and Facebook, and a $1 billion bid may yet prove to be the tip of the iceberg.

Tom Glass, creative director at theEword remarked: "Waze contains a number of intriguing elements which could prove to be extremely valuable for either Google or Facebook. While Google is the market leader for mapping, they do not currently offer the same level of social mapping as Waze, while Facebook could benefit from more accurate mapping information when allowing users to 'check in' to locations. Only time will tell which, if any, of these companies are successful with a bid for Waze, but it certainly appears as if the next billion dollar deal has been discovered. With news of Yahoo investing in Tumblr also breaking this week, it is certainly an exciting time when it comes to big business".