Google Inc bought Israeli mapping startup Waze on Tuesday for an undisclosed sum, acquiring an online real-time mapping service to safeguard its own lead in one of the most crucial aspects of smartphone usage.A source close to the matter told Reuters on Monday that the Internet search leader was putting the finishing touches on a deal to take over the company for $1.3 billion. Google said in a Tuesday blog post that it had closed the deal and now planned on using Waze's service to enhance its own Maps product, but did not say how much it paid.Maps and navigation services have become vital for technology companies as consumers adopt smartphones and other mobile devices. 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.Waze's product development team will remain in Israel and operate separately for now, Google said. Eventually, its service will enhance the U.S. company's Maps app, while the core Waze product itself will benefit from integrating Google-search capabilities.
Google Inc. (Google) is a global technology company focused on improving the ways people connect with information. Shares of GOOG fell by 0.6% or $-5.31/share to $884.91. In the past year, the shares have traded as low as $556.52 and as high as $844.00. On average, 2320560 shares of GOOG exchange hands on a given day and today's volume is recorded at 1084980.
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