Hey tech how are you mate , hope your having a great weekend and looking forward to a big week to come
When the big boys come to play they don't stuff around ! Google emailed him with a half-page term sheet. The team had just one week to accept.
Waze co-founder Uri Levine says Australia has some of the right traits to become a start-up nation, as he opens up about his crowdsourced traffic app’s billion-dollar acquisition by Google.
Waze, described as the world’s biggest community-driven mapping application, was taken over in 2013 for $US1.1 billion ($1.44bn). Mr Levine said he had many sleepless nights after Google emailed him with a half-page term sheet. The team had just one week to accept.
“Google moved very, very fast in making that happen,” Mr Levine said.
“They put an offer on the table that made sense for us. In addition to buying all the shares, they said the vision and the mission of Waze would remain intact.”
It’s understood the small team fielded offers from other companies including Facebook, but Google’s huge offer meant every one of Waze’s 100 employees would become instant millionaires.
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