Facebook, Waze at odds over liquidation - Israel Business, Ynetnews
 
ynetnews
web


   Israel News

Israel News
World News
Israel Opinion
Jewish
Israel Business
Israel Culture
Israel Travel
Calcalist Exclusive

Waze's navigation application
Waze's navigation application 
 
 

Facebook, Waze at odds over liquidation

Social network giant insists on relocating some of Israeli navigation company's employees to its San Francisco headquarters, while Waze executives are adamant about leaving development center in Israel

Assaf Gilad, Calcalist
Published: 05.13.13, 11:02 / Israel Business

The chasm between Facebook and Waze over the future of the navigation company's development center in Israel is deepening and impeding a possible acquisition deal.

 

Israeli Success
Apple CEO: Use Israeli application / Sagi Cohen and AP
Waze downloads rise 40% after Tim Cook apologizes for frustration Maps application has caused, recommends people use competing apps
Full story

Calcalist has learned that following two intensive weeks of talks, both parties remain unyielding. Facebook conditioned the deal on the liquidation of Waze's activity in Israel and the relocation of some of its employees to Facebook's San Francisco headquarters.

 

Waze founders Ehud Shabtai, Uri Levine and Amir Shinar, along with CEO Noam Bardin, are adamant about leaving the development center and its 100 employee in Israel.

 

Meanwhile, Waze shareholders are entangled in a dispute of their own: Foreign funds BlueRun Ventures (19%) and Horizons (11.6%) are pressing for the conclusion of the deal,

whereas Israeli Magma Fund (17.6%) and Microsoft (10.2%) are trying to arbitrate between the foreign funds and Waze management.

 

To date Facebook has acquired 36 companies around the world, all of which it liquidated and has part of the staff relocated to its own headquarters.

 

Waze currently has an $850 million price tag. However, in the event that Facebook relocates its employees, the price will increase to $1 billion.

 

This report was originally published in Hebrew by Calcalist

 

 

commentcomment   PrintPrint  Send to friendSend to friend   
Tag with Del.icio.us Bookmark to del.icio.us



 
7 Talkbacks for this article    See all talkbacks
Please wait for the talkbacks to load

 

RSS RSS | About | Contact Us | Privacy Policy | Terms of use | Advertise with us | Site Map

Site developed by  YIT Advanced Technology Solutions