Reports: Google Set to Buy Mapping App Maker Waze for $1.3 Billion

Google (GOOG) is said to be on the verge of snapping up Israeli mobile mapping and navigation developer Waze for some $1.3 billion, according to a report in the Globes, a local business news outlet, and other IT industry web sites.

The deal, which, according to a report in AllThingsD, is expected to be announced in the next few days, will see the mapping company remain independent—at least for the time being.

With Apple (AAPL) rumored to have fiddled with purchasing Waze last year, and more recently Facebook (FG) and Google reportedly wooing the developer with serious overtures, the anticipated transaction represents a significant win for the search giant as it seeks to improve its mapping services in what has fast become a hotly competitive, but not yet overly crowded, arena.

As recently as early last month, Facebook reportedly was closing in on a deal for Waze for $800,000 to $1 million, double the amount Apple was rumored to be considering offering the company a few months earlier. Apple chief executive Tim Cook has denied the vendor bid for Waze, even though he’s publicly touted the company’s app, a top download at Apple’s App Store.

Waze, whose popularity has translated to some 50 million users in some 190 countries, benefits from an involved community of followers, who call themselves Wazers. Users contribute to updating information on real-time road conditions by driving with the app open, providing accurate road reports in real time on traffic congestion, accidents, road hazards, speed traps and other driving data.

The company’s navigation app is offered on multiple platforms, including smartphones, tablets and vehicle systems for navigating roads both in its native Israel and other countries.

Waze was founded in 2009 and three years later landed a $30 million financing round from Horizons Ventures, Kleiner Perkins Caufield & Byers and iFund. It subsequently has raised an additional $37 million from Magma Venture Partners, Vertex Venture Capital, Qualcomm Ventures, BlueRun Ventures and Microsoft (MSFT), according to the Globes.

Should the Google deal come to pass at $1.3 billion, Waze’s founders stand ready to reap a windfall. Based on the Globes reporting, its chief technology officer will gain $78 million, president Uri Levine will land $38 million and research and development vice president Amir Shinar and brother Gili will pocket $65 million.