web analytics
September 2, 2014 / 7 Elul, 5774
At a Glance
News & Views
Sponsored Post
Jerusalem Mayor Nir Barkat (L) visits the JewishPress.com booth at The Event. And the Winners of the JewishPress.com Raffle Are…

Congratulations to all the winners of the JewishPress.com raffle at The Event



Google to Buy Waze for $1.3 Billion

Google out-navigates Facebook. Google will pay $1.3 billion for Waze. Coming on top of $2 billion purchase of Iscar, and rumors of SodaStream next in line, Big Business is far from boycotting Israel.
Waze logo - soon to be part of Google's Internet empire

Waze logo - soon to be part of Google's Internet empire

Google will fork out $1.3 billion to buy the Israeli-based Waze social-friendly navigation app, the Hebrew-language Globes business newspaper reported Sunday. Waze’s staff reportedly will remain in Raanana.

Facebook reportedly was in front of the lineup to buy Waze, but Waze rejected the condition that its staff be transferred to the United States. Waze may also have been holding out for more money, and Google came up with the right price.

Apple had been rumored to be a potential bidder, but Apple CEO Tim Cook denied those reports.

Waze has soared in popularity, with more than 50 million users around the world, and that number is growing every day.

Google has shown that it loves Israel. In 2010, it bought up website gadget developer LabPixies for $25 million and interactive video-clip developer QuikSee for $10 million, and has set up a Google office here. Facebook, on the other hand, has closed down the Israeli operations of most of the companies it bought up.

The Waze app allows drivers using smartphone and tablet to share information on driving times and traffic situations, as well as the location of police radar traps, accidents and hazardous conditions. Based on user-shared information, it helps users find the fastest path to their destination taking into account traffic conditions and preferred routes.

The $1.3 billion price tag is more than 40 times the $30 million of financing Waze received less than year ago, three years after it was founded.  Waze’s founders will be instant multi-millionaires thanks to the Google purchase, which has not been officially confirmed.

But no one has denied the purchase eitehr. Waze told Globes “no comment,” and Google said, “We don’t relate to rumors and speculation.”

The influx of another $1.3 billion into Israel is great news for the Finance Ministry and for anyone purchasing items whose prices are based on the dollar. It is terrible news for exporters and for Israelis whose salaries come from the United States.

The influx of dollars will put downward pressure on the shekel-dollar rate, which dropped last week to 3.61 shekels to the dollar.

Last month. Warren Buffet paid out $2 billion to buy the remaining shares of the Iscar precision tool maker, and PepsiCo and Coca Cola are now rumored to be offering approximately $2 billion for the Israeli SodaStream manufacturer of machines that convert tap water into soda, and which had become an international hit.

The influx of those big bucks, along with the prospects of Israel’s exporting gas and bringing in more foreign currency, has strengthened the shekel. It also is a major headache for corporations and wage earners whose profits and salaries are in dollars and then converted to shekels.

Bank of Israel Governor Stanley Fischer has tried to battle the drop in the shekel-dollar rate by cutting the interest rate by a quarter of a percent, twice in two weeks, and announcing a $2 billion buying binge of dollars. So far, the “Fischer effect” has been negligible and the rate has continued to drop.

Following the report of the Google purchase of Waze, the exchange rate may drop again Monday when currency trading resumes, unless Fischer buys more dollars – lots of them.

About the Author: Tzvi Ben Gedalyahu is a graduate in journalism and economics from The George Washington University. He has worked as a cub reporter in rural Virginia and as senior copy editor for major Canadian metropolitan dailies. Tzvi wrote for Arutz Sheva for several years before joining the Jewish Press.


If you don't see your comment after publishing it, refresh the page.

Our comments section is intended for meaningful responses and debates in a civilized manner. We ask that you respect the fact that we are a religious Jewish website and avoid inappropriate language at all cost.

If you promote any foreign religions, gods or messiahs, lies about Israel, anti-Semitism, or advocate violence (except against terrorists), your permission to comment may be revoked.

One Response to “Google to Buy Waze for $1.3 Billion”

  1. Jean Perles says:

    bravo israel, thanks…………

Comments are closed.

SocialTwist Tell-a-Friend

Current Top Story
A general view of the Bat Ain community at Gush Etzion.
US Pushes PA Agenda and Tells Israel to Cancel New Gush Etzion Town
Latest News Stories
Lady Gaga defies BDS  again with a show in Tel Aviv  on Sept. 13, 2014.

Maybe Abbas should accuse Lady Ga-Ga of incitement for saying “Shalom.”

British Jew Neil Masterson allegedly punched anti-Semitic MP George Galloway in the face.

The prosecutor says Masterson told police, “I didn’t want him to think I’m scared.”

Young Israeli boy dip apple in honey in tradition with the Rosh HaShanah New Year holiday

Honey cake, gourmet honey, flavored honey, and honey as a recipe in chicken, and even fish, are all expected to contribute to soaring sales of honey this Rosh Hashanah and holiday season. Ironically, the US Department of Agriculture is conducting hearings to define honey or just how much honey is required to qualify for “pure […]

A general view of the Bat Ain community at Gush Etzion.

Abbas does not have to push agenda because he has the Obama administration is his spokesman.

The Islamic State (ISIS) has just released a video showing the beheading of another American journalist, Steven Sotloff, according to a monitoring group.

Cantor can thank his defeat to a Tea Party candidate for leading him to more lucrative and stable career.

Hamas won the war in political terms, but that won’t stop Kerry.

A farmer in the (legal) Tikkun Olan Cannabis farm near Tzfat. This is one of their greenhouses. The company is licensed by Israel’s Ministry of Health to grow, process and distribute the medicinal plant.

Israeli intelligence sparked a massive manhunt that foiled an Arab terror attack, caught two suspects and kept Israeli civilians safe.

The ‘Talansky affair’ corruption trial of former Israeli Prime Minister Ehud Olmert re-opened today in Jerusalem.

Iran has successfully tested a new defensive radar and missile system, its air force chief announced Monday.

Diplomatic relations with Israel are likely to remain in deep freeze for the next few years, Turkish PM Davutoglu signals.

Events on the other side of Israel’s northern border are heating up. The IDF is on high alert in the Golan Heights.

Germany and other western countries have begun providing weapons to Kurds in fight against the IS.

Sept. 1 is a spectacularly important day in Israel.

More Articles from Tzvi Ben-Gedalyahu
British Jew Neil Masterson allegedly punched anti-Semitic MP George Galloway in the face.

The prosecutor says Masterson told police, “I didn’t want him to think I’m scared.”

A general view of the Bat Ain community at Gush Etzion.

Abbas does not have to push agenda because he has the Obama administration is his spokesman.

Hamas won the war in political terms, but that won’t stop Kerry.

Palestinian Authority manipulation of the media makes it impossible for peace between PA Arabs and Israelis.

The jihad network has snared teenagers in its web. One out of every six Frenchmen supports the ISIS.

What other country would allow legislators to openly declare their allegiance to another entity?

Israel is better off with a weak Hamas rather than a dead Hamas, for the time being, says Netanyahu.

Doctors are hopeful but worried. Her daughter Melissa is an “emotional wreck.”

Printed from: http://www.jewishpress.com/news/google-to-buy-waze-for-1-3-billion/2013/06/09/

Scan this QR code to visit this page online: