Google has finally revealed that it paid a whopping $966 million to purchase Waze, an Israel-based mapping company.
Google has finally put an end to the numerous speculations that revolving around its acquisition price for Waze, an Israel-based GPS firm. The Web sercvices giant revealed Thursday, in a financial filing with the Securities and Exchange Commission, that the it acquired the online mapping service for a sum of $966 million. The company also said in its quarterly report that it purchased fifteen other companies and intangible assets that cost an additional $344 million, bringing the total to $1.31 billion.
Several media reports speculated that Google spent a little over $1 billion to purchase Waze. Explaining the Waze deal, Google said that it spent $847 million on goodwill, in addition to the $188 million in other intangible assets minus the $69 million net liabilities, according to the financial quarterly report cited by AllThingsD.
"In June 2013, we completed our acquisition of Waze Limited (Waze), a provider of a mobile map application which provides turn-by-turn navigation and real-time traffic updates powered by incidents and route information submitted by a community of users, for a total cash consideration of $966 million," Google wrote in the filing. "The acquisition is expected to enhance our customer's user experience by offering real time traffic information to users' daily navigation needs."
Waze was initially a potential acquisition prospect for Facebook and Apple. Facebook was reportedly in talks with Waze to acquire the start-up, but when things fell apart, Google tried its hand and closed the deal earlier in June.
The filing shows that Google spent an additional $344 million in many other companies including Makani Power and Wavii, earlier in 2013.
