Google attempts to trump Facebook $1bn bid for Waze

Google is among a number of companies circling Israeli mapping software company Waze after Facebook put in a $1bln takeover bid.

Bloomberg  reports that none of the bidders are close to clinching a deal, and the start-up might remain independent.

Founded 4 years ago, Waze makes a navigation application for iPhone and Android used by roughly 45 million people. Its mapping service is powered by the people who use it. The app also connects to Facebook and provides social-networking functions so drivers can see their friends' whereabouts, share their location, and send private messages.

Google’s possible purchase of Waze could add social features to Google Maps, making the service even more robust and popular product. Should Facebook buy Waze, the navigation app would give the social network a way to insert itself into the lucrative mobile search business owned by Google.

The search giant netted 93.3 percent of all US mobile search ad dollars last year, according to estimates from eMarketer. The firm anticipates that US mobile internet search ad revenue will total $7.85 billion in 2015; it pegs Google's share at around $7.1 billion, or 90 percent of the market.

Waze, a free service, generates revenue via location-based advertising. Its tools are also available over the Web.