web analytics
December 25, 2014 / 3 Tevet, 5775
 
At a Glance
News & Views
Sponsored Post
8000 meals Celebrate Eight Days of Chanukah – With 8,000 Free Meals Daily to Israel’s Poor

Join Meir Panim’s campaign to “light up” Chanukah for families in need.



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
Naftali Bennett, chairman of the Jewish Home party.
Bayit Yehudi Finally Has the Education Ministry (Until Elections)
Latest News Stories

We will continue bringing tourists to Israel, even when the tourism industry is in decline,” Birthright CEO Gidi Mark said of the free 10-day trips for Jews ages 18-26.

Dylan Siegel (left) and Jonah Pournazarian with the “Chocolate Bar” book.

A fundraising campaign started quietly by two first graders two years ago to help find a cure for a rare genetic disease just passed the $1 million mark.

Russia is one of Israel’s primary exports market, with produce amounting to 30 percent of all exports.

Bayit Yehudi, or its predecessor, the Mafdal party, hasn’t held the Education Minister’s portfolio since 1999.

Hamas is back to its old tricks of blaming rival – or cooperative – terrorists for attacking Israel.

Greek Jewish cemetery vandalized, graffiti called for “six million more.”

Intelligence is Israel’s most significant deterrence against terror.

Police said on Nov, 18: “One way to cope with the recent wave of attacks…is not to return the bodies to the families.”

The left are using one officer’s alleged crimes, to go after a different officer they dislike.

After narrowing missing in the last elections, Michael Ben-Ari is trying to make a comeback and represent the “real right-wing” in Israel.

In operation Protective Edge, infantry and armored units worked side-by-side. A new training program hopes to integrate them even better on the battlefield.

It takes an average of 140 monthly salaries to buy a home. Ariel plans to lower that down to 85.

United Synagogue Youth teen board members are told ban is lifted on dating non-Jews, but “important” to date within the faith.

The latest edition of Al Qaeda’s online magazine urges lone wolf attacks on US airlines.

The Flemish Minister for Animal Welfare Ben Weyts has reversed his call for a ban on Jewish ritual slaughter in Belgium.

More Articles from Tzvi Ben-Gedalyahu
'All you need is love."

Hamas is back to its old tricks of blaming rival – or cooperative – terrorists for attacking Israel.

Intelligence is Israel’s most significant deterrence against terror.

Police said on Nov, 18: “One way to cope with the recent wave of attacks…is not to return the bodies to the families.”

The Prime Minister will appeal the decision by the party’s comptroller.

A Hamas commander was killed and the Air Force numbed terror targets.

Lieberman calls the police investigation a “witch-hunt” aimed at hurting the party’s chances at the polls.

“A great miracle happened here” –Yochanan Danziger and Jeff Seidel got out alive.

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: