WazeFacebook is in talks to buy Israeli crowdsourced traffic and navigation app, Waze, for $1 billion.  Waze got started as a way for drivers to report in on their traffic observations using their smart phones. As Bardin explained, “Ehud Shabtai, a software engineer, was given a handheld device that came pre-installed with navigation software. Thrilled with the possibilities, he took it for a test drive and became quickly disappointed. The problem: The navigation software knew the roads well enough, but it wasn’t able to let him know, for example, if a certain road was under construction and not passable.”  Last year, Apple had some problems with Apple Maps – the flawed mapping software with which it decided to replace Google Maps. And this January, Apple was in talks to acquire Waze for a reported $500 million. That deal might have helped Apple get an edge in giving iPhone and iPad users access to real-time traffic information to go along with their maps.  Now Israel’s Calcalist reports that Facebook is in talks to acquire Waze for a price between $800 million and $1 billion; both companies have signed a term sheet; and Facebook is doing due diligence.

Read the full story at Forbes.

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