TechCrunch cited its own sources in the news release about the Waze purchase, who claimed to have knowledge of negotiations between the companies. Those sources told TechCrunch that Waze was hoping to net $750 million in an Apple buyout, but the iPhone maker was willing to offer only $400 million in cash and an additional $100 million in earn-outs, based on performance.
While the reports may not be true, one could see why Apple might be interested in the application.
Waze is a fun, community-based traffic and navigation app. With 30 million users, people help create local driving communities that work together to improve the quality of everyone’s daily driving. That might mean helping them avoid the frustration of sitting in traffic, cluing them in to a police trap or shaving five minutes off of their regular commute by showing them new routes they never even knew about. The application is headstrong to compete with Apple’s Map Application.
“We may be alone in the car, but most of the time it’s only because we’re on our way to meet others at work or at home, or out to join up with friends. It’s only natural to be better informed about the location and timing of those you are about to meet or pick up, and be able to share the same info back with them. With this version Waze takes drivers out of the dark, re-imagining everyday driving as a much smoother experience,” said Yael Elish, VP Product & Marketing, in a press release.
With the news that Apple isn’t purchasing Waze out, another theory is out there: Apple offering to acquire TomTom.