Google paying about a billion for Waze

After months of acquisitions talks, Google has announced it is buying the popular traffic navigation company Waze.  Waze is is a free social GPS application featuring turn-by-turn navigation, developed by the Israeli start-up Waze Mobile. Financial terms of the deal were not disclosed but a source close to the deal told Forbes Google was offering just over $1 billion for the free mobile service which is used by more than 50 million people. They added that both parties were currently finalizing paperwork on the deal. Recent press reports have also suggested Google was offering in excess of $1 billion for Waze, which relies on ads to make money and only just launched its global ad platform in November 2012.