Google has finally confirmed that it has acquired Waze on its blog. This confirms one of the most persistent rumours we have been seeing for the last 4 months. The blog post confirms that the Waze team will stay as is in Israel and that Google will work to incorporate many of Waze's "cool" tech into it's Google Maps product.

We don't have a confirmation about the cost of the acquisition yet but the rumors are pinning it in the 1B$ range.