Apple looking to purchase social map app Waze to help bolster its own Maps App

Posted on Jan 3 2013 - 12:25pm by Mike Wewerka
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iphone maps apple io 6 580x380 Apple looking to purchase social map app Waze to help bolster its own Maps App

It’s no secret that Tim Cook and Apple have had a difficult time recouping after the debacle that was Apple’s own maps app that launched with iOS 6 back in October of last year. In retaliation, Cook & Co. are pulling out all the stops to improve their app’s performance, features and options. We’ve heard rumors that Apple was looking to purchase TomTom, whom Apple already uses for some map data and we’ve also heard that Apple was looking to partner with Foursquare to incorporate some of its social features. But the latest rumor, according to TechCrunch, is that Apple is looking to purchase the popular “social map app” Waze, in an effort to help bolster its fledgling app, especially now that Google has released their impressive Google Maps for iOS.

According to sources close to the situation, Apple is offering $400 million for the company, with an extra $100 million based on performance. Waze on the other hand is looking to get around $750 million and with Apple’s deep, deep pockets and the fact that Apple technically needs Waze, more than Waze needs Apple, they may get close to their asking price. For those unfamiliar with the Waze map app, it’s basically like the “Wikipedia” of maps, where users can submit tips, changes and updates on the go. Everything from speed traps, restaurant locations, traffic updates and more, are all updated by the user, which makes for a more accurate and up-to-date mapping experience.

Whether this will happen or not all depends on Apple and their bargaining efforts, they have plenty of cash in the bank, they just need to be willing to spend it. As for the other TomTom and Foursquare rumors that have been circulating, these may have been started to give Apple leverage in talks with other companies, as nothing concrete has come from either of them.

We too have reached out to Apple for a response, but haven’t heard anything back. If we do get a response, and no deal has been reached, you can fully expect the typical “We do not comment on rumors and speculation” line.