Google has revealed that it spent $966 milion to acquire the online mapping firm Waze.
The company is said to have originally offered a cool $1bn for the navigation firm, which will be a major boost to the company's social networking line.
The firm revealed in a filing with the US Securities and Exchange Commission (SEC) that it had paid a high price to land Waze when it agreed to an acquisition in June. The deal helped to land Google a mapping firm that could have been a prime target for rivals such as Facebook and Apple.
Google said in the filing: “In June 2013, we completed our acquisition of Waze Limited (Waze), a provider of a mobile map application which provides turn-by-turn navigation and real-time traffic updates powered by incidents and route information submitted by a community of users, for a total cash consideration of $966 million.
“The acquisition is expected to enhance our customer's user experience by offering real-time traffic information to users' daily navigation needs.”
The company had attracted multiple potential buyers, though the firm's demands on staffing were said to have made the purchase more difficult.
The Waze buy marked the latest move by Google to increase its mobile holdings. The company famously paid $12.5bn to acquire Motorola Mobility in a deal that was largely believed to have been based on patent holdings. The company vowed to operate Motorola as an independant firm, to ensure it retains a stable relationship with its Android hardware partners.
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