It was not too long ago when we reported that sources close to Google did mention that the Internet search giant is working on a deal to bring Waze underneath their stable of companies, and while there was no official confirmation just yet, here we are with word that both Google and the Israeli navigation app startup Waze have agreed in principle to the sale as well as majority of the terms laid out before them, including a price tag that would surpass the $1 billion cash mark. Phew! That’s a mountain of money if you ever saw one.
After the sale, Waze’s research and development center will continue to remain in Israel for at least three more years, and Waze’s CEO, Noam Bardin, is set to “reign” for a similar period of time, too. After all, Waze intends to retain its independent identity not only as a company but also as a brand. How do you think Google will leverage their purchase of Waze so that they are able to come up with something stunning down the road where navigation is concerned? Will Apple or Facebook executives rue the fact that they might have missed out on a bargain?