Apple is considering making a bid for social navigation app Waze, reports TechCrunch.
Despite both companies saying they don’t comment on rumours, a source said negotiations are taking place, with Apple currently offering $400 million as well as $100 million in incentives, while Waze is holding out for $750 million.
Waze is a data partner for Apple Maps and, according to the report, was the only mapping app to acquire meaningful market share following the poor reception given to Apple Maps when it replaced Google Maps in iOS6.
Waze generated revenue of less than $1 million in 2012, mainly from advertising, and launched a location-guided ad platform for local businesses and big brands wanting to attract passing drivers.
As Waze is based on the location of moving cars, it is more accurate than check-in apps such as Foursquare, which Apple was linked with in December. By allowing drivers to report road obstacles and traffic the app is both social and useful.
In addition, Waze has seen increased use internationally while Foursquare’s activity is mainly focused on the US.