Earlier this week we told you about the rumor that Apple might acquire Waze, the crowd-sources traffic and navigation service. Then the very next day, that rumor was shot to pieces. Now The Next Web is reporting that Apple did indeed make an offer, to which the Israeli startup said “thanks for the offer, but no thanks.”
Apple was interested in buying Waze, but was a long way off what the Israeli company believed it was worth.
While 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 said “no thanks,” and the deal is off for now.
TNW also reports that sources have told them that Waze has received more than one acquisition offer in the past year, but has declined them all. The company apparently has a desire to build something big, and is not just looking for a quick “take the money and run” scenario.
TNW says Waze has held a number of closed-door meetings in the past few months to discuss the company’s future. Word is they have a desire to build the company, boost revenues, and perhaps even pursue an IPO.
Waze has faced a struggle to monetize their product, so if they can’t figure a way around that problem, perhaps the only remaining option is to sell the technology to a buyer. It’s going to be an interesting story to watch, and MacTrast will keep you informed of any developments.
