This weekend the tech world was abuzz with rumors that Google had purchased Israeli mapping and navigation software maker Waze for a sum of over a billion dollars. Today Google has made it official, thanks to a post on the company blog from the VP of Geo, Brian McClendon. While Google declined to mention exactly how much it spent on Waze, it's a safe bet that it was a lot, since both Apple and Facebook had previously expressed interest.
Current Waze users will be glad to know that Google doesn't plan on shutting down the Waze app, at least in the short term:



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