Facebook to acquire Israeli social mapping startup Waze for about $1 billion: Reuters

After acquiring companies like Parse, Face.com and Snaptu, Facebook is reportedly in advanced talks to buy Israeli company Waze, Reuters reports. The deal to buy the social mapping startup has been in discussions for more than 6 months and is believed to be worth around $800 million to $1 billion.

Waze uses satellite signals from smartphones to generate maps and traffic data, which can then be shared by users. By pooling in data from a number of users, the company then essentially provides real-time traffic information for a particular location.

This is not the first time we are hearing of a company wanting to acquire the Israeli startup. Earlier this year, Apple was reportedly in talks to acquire Waze to bolster its native iOS Maps, only for the rumor to be quashed later.