Google bought Waze for $1.3 Billion

"In a bid to outsmart traffic, Google has bought the crowd-sourced navigation app Waze, a Tel Aviv-based start-up.
The search giant reportedly paid $1.3bn (£835m), according to Reuters, although the firm did not disclose the financial terms for the deal.
The Waze app combines online maps with updates from other users about traffic jams, road works and accidents.
It is believed that Facebook and Apple were also interested in purchasing the Israeli firm.
The takeover could help Google improve the accuracy of its own navigation system, Google Maps."

Source:  BBC News, 11th June 2013