Google is reportedly squaring up to Facebook in a $1bn (£660m) bidding war for Israeli mobile satellite navigation start-up Waze.
According to Bloomberg, the internet giant has expressed an interest in buying up the start-up company, which follows reports that Facebook has already held talks with the company.
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The asking price is a cool $1bn (£660m).
Furthermore, according to Bloomberg, it is not just Google and Facebook that are after the company - a number of other technology companies are also interested in buying Waze.
Founded in 2007, the company claims to be "the world's fastest-growing community-based traffic and navigation app". Users share real-time traffic and road information via the app, "saving everyone time and gas money on their daily commute".
It includes reports of accidents, traffic jams, police, speed cameras, and other hazards, as well as fuel prices regularly updated by users. It uses GPS signals from users' smartphones to identify their location and, thereby, to generate the maps and traffic data. The company claims that it is used by 47 million people in 193 countries.
It is not the first time that the company has been the subject of big-money buyout rumours. Back in January, the company was reportedly a target for Apple, which would make sense in view of the difficulties it has had refining its own mapping application. Its offer, though, was around $400m (£260m), according to the reports.
