4 January 2013The Next Web:
it has been reported that Waze was holding out for $750 million, multiple sources have told us that the company was valued around $200 million in its last funding round, and current investors were aiming for a higher price, somewhere nearing $1 billion.
Waze politely declined the offer, and the deal is definitely off — at least for now.
Our sources also tell us that Waze has received more than one acquisition offer in the last year, but has declined them all, as it looks to build something big and not look for a quick exit.
Isn’t The Next Web’s article a bit contradictory? At the start of the quoted excerpt, above, it says that Waze was open to accepting offers of $750 million but then ends by saying that Waze isn’t looking for a “quick exit”.
Regardless, Waze’s decision can only be described as brave; it must take extreme nerve to turn down a buyout offer from the most valuable company in the world. Good luck to them.
As to the Apple side of this story, I wonder why Apple wanted Waze in the first place. Or, more precisely, why do they suddenly want Waze now? If they have technology or information that Apple can benefit from, why did they not attempt an acquisition before Maps was released, at the time when they were more than happy to scoop up Placebase and C3 Technologies …
What changed to make Apple admit they need more outside talent to help with maps?