Google May Acquire Waze App

Internet behemoth Google is reportedly buying the Waze navigation app for $1.3 billion. Speculation was rampant for months that either Google or Facebook would acquire the Israel-based startup, which has almost 50 million users. The Facebook deal fell through, according to sources, because the two companies couldn't agree on a price. In 2010, Google purchased two other Israeli companies, a personalized Web-based gadget developer called Labpixies and video-clip developer called Quiksee, and already has an office in the country. Apple was also said to be interested in purchasing Waze.