Google has acquired Waze App

Google announced on Tuesday that it had closed the acquisition of Waze, a social GPS mapping app that specializes in real-time crowd-sourced traffic.

The price was not disclosed but a report put the number at more than $1 billion it is expected to be Google's fourth largest by dollar value.. Both Facebook and Apple were reportedly interested in buying Waze.

In a blog post on Tuesday Google said it plans to enhance Google Maps with Waze's traffic updates features, while improving Waze with Google's search capabilities. For now, Google said it would keep Waze's product development team in Israel, where it would continue to operate separately.

Waze app which runs on Apple's iOS and Google's Android, alerts users to potential traffic slowdowns and suggests alternative ways to reach destinations. The service also notifies drivers of road work, potential hazards and speed traps, using input from users.

While Google will keep Waze independent, it will also use data from Waze to improve its own services, said Brian McClendon, a vice president at Google.