Google disclosed Thursday that it paid whopping sum of $966 million for the acquisition of the Israel-based company behind the mapping app Waze. It was, though, previously speculated that Google had paid a little more than $1 billion.
Reportedly, Google spent $847 million in goodwill, $188 million in intangible assets, and $69 million in net liabilities. This information comes from the Securities and Exchange Commission. Google has also completed 15 other acquisitions in the first half of 2013. This includes Makani Power, Behavio, and Wavii. For these, it spent $344 million. Thereby, the tally for all 16 of the acquisitions comes to $1.31 billion.
Google snapped up Waze after reports that both Facebook and Apple were also interested in the app. After joining Google’, rather than moving toward an IPO, Waze as kept it’s attention focused on its community of drivers.
Google wrote in the filing, “In June 2013, we completed our acquisition of Waze Limited (Waze), a provider of a mobile map application which provides turn-by-turn navigation and real-time traffic updates powered by incidents and route information submitted by a community of users, for a total cash consideration of $966 million. The acquisition is expected to enhance our customer’s user experience by offering real time traffic information to users’ daily navigation needs.“