iPhone News Desk
Apple Reportedly Niggles Over Price of Waze
The three-year-old Israeli-born Waze uses crowdsourcing to plot routes around traffic jams
By: Maureen O'Gara
Jan. 4, 2013 09:00 AM
Apple reportedly wants to buy Waze to help fix its giant maps gaffe but according to what TechCrunch heard it doesn't want to spend the $750 million asking price. It's reportedly offering $400 million plus $100 million in incentives.
The three-year-old Israeli-born Waze uses crowdsourcing to plot routes around traffic jams and in the process create real-time maps.
It's said to have shaved five minute off the daily commute in Israel.
The sat-nav ad-based program is free but the community it's developed should be responsible for its valuation.
Kleiner Perkins has money in the start-up. So far it's raised $67 million plus a million dollars in revenue last year.
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