Google pays over $1bn for Waze

Search engine giant pays top dollar for Israeli mapping start up.

Google Inc has bought Israeli mapping startup Waze for just over $1 billion, a source familiar with the matter said, acquiring an online real-time mapping service to safeguard its lead in one of the most crucial aspects of smartphone usage.

Google said in a Tuesday blog post it had closed the long-anticipated deal. It now planned on using Waze's service to enhance its own Maps product, but did not say how much it paid.

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