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Google bought Waze for less than $1 billion

JERUSALEM (JTA) — Google paid less than the previously reported $1.1 billion for the Israeli navigation app Waze.

The purchase price came in at $966 million in cash, Waze reported July 25 in its financial report for the second quarter of 2013, the Israeli business daily Globes reported. The purchase was completed six weeks ago.

Waze is a free downloadable navigation app with nearly 50 million subscribers.

Prior talks between Waze and the social networking site Facebook reportedly had broken down over Waze’s insistence that the company’s managers and employees remain in their Israeli headquarters in Raanana rather than relocating to Menlo Park, Calif.

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