Google announced Tuesday it had struck a deal to buy Waze, a popular crowd-sourced map app designed in Israel.
The US Internet search giant did not reveal the price of the acquisition, but Israeli media over the weekend estimated the deal was worth more than $1 billion.
"To help you outsmart traffic, today we're excited to announce we've closed the acquisition of Waze," said Brian McClendon, vice president of Google's Geo products, which includes Google Maps, Earth and Street View.
"This fast-growing community of traffic-obsessed drivers is working together to find the best routes from home to work, every day."
McClendon said that Waze's development team would remain in Israel and operate separately "for now."
"We're excited about the prospect of enhancing Google Maps with some of the traffic update features provided by Waze and enhancing Waze with Google"s search capabilities."
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