Google announced on the company blog they have officially acquired Waze, a mobile navigation app. They declined to state the exact amount, but according to Verge, it’s an estimated $1.3 billion.
Considering Google is the predominant maps provider across Android and iOS devices, this was a defensive move. Waze’s most coveted feature is the social aspect, allowing users to report traffic, construction, gas prices and other real-time information. The app also has the ability to let you see the location of your friends as you travel to one common destination.
You can read the full statement on Google’s blog: http://googleblog.blogspot.com/2013/06/google-maps-and-waze-outsmarting.html