After screwing up their first attempt at delivering a mapping service Apple is now attempting to buy into mapping Company Waze however the Company is holding out with the aquistion price tipped to be in excess of $700M despite the Company only delivering $1M in revenue in 2012.
Tech Crunch claim that negotiations for an Apple buyout of Waze are actually well underway, Apple is believed to have offered $400M for the mapping Company who Apple are banking on to take on Google Maps.
The company’s socially-based traffic and navigation content may be extremely valuable to Apple, since it could help fix coverage and inaccuracies in iOS 6 Maps. The app already uses some data from Waze, but a buyout would give access to all of it, plus social networking features unique to Waze’s service.
