Google bought Waze Mapping Service for 1.03 billion Dollars

Google in Month of June 2013 bought online mapping service Waze for a deal of 1.03 billion dollars.

The deal is supposed to allow Google to gain technology that is meant to improve the accuracy and usefulness of its own popular navigation system. Google has surpassed two of its fiercest competitor Facebook and Apple, in the bidding for Waze.

Waze Mapping service has combined elements of a social network into its maps to produce more accurate directions and more reliable information about local traffic conditions.

The acquisition of Waze is being counted as the as the fourth most expensive acquisition by Google among the more than 240 deals concluded by it in its nearly 15-year history. The only bigger purchases are Motorola Mobility Holdings for 12.4 billion dollars in year 2012, the deal of DoubleClick for 3.2 billion dollars in 2008 and YouTube for 1.76 billion dollars in 2006.