San Francisco – Google disclosed Thursday nearly $1 billion to acquire the Israel-based company behind the mapping app Waze.
According to Google’s filing with the U.S. Securities and Exchange Commission, $966 million was spent on the company.
Waze is an Israel-based startup company which offers a mapping application which uses crowdsourcing for attaining real-time information on traffic. The app is free for Android, Symbian, Windows Phone and iOS, and it is currently in beta for BlackBerry.
Google revealed in a financial filing on Thursday that it spent $1.31 billion on 16 acquisitions in the first half of the year.
In the wake of the acquisition, the Waze product development team will maintain some degree of autonomy from Google, according to Waze CEO Noam Bardin.