Waze and Facebook may be driving toward deal
Representatives from social media firm hold talks with traffic app maker
Israeli traffic reporting company Waze is reportedly in negotiations with social media behemoth Facebook.
Representatives from the two companies met in Israel recently, Israeli financial site Globes reported Tuesday, leading to rumors that Facebook may buy out the Israeli firm.
The two companies, who have offices down the street from each other in Palo Alto, California, may also be headed for collaboration via the development of a Facebook mobile application for the program.
Waze relies on user-submitted reports to create traffic maps and warn drivers of hazards and speed traps. The company, founded in 2007, has over 20 million users in the US, Israel and a number of other countries.
The firm has raised $67 million so far in venture capital funding.
Facebook recently bought Israeli start-up Face.com for $80 million, and in 2010 purchased application Snaptu for $70 million.