Waze, the social mapping application acquired by Google last year, sold for $1.15 billion says the company's CEO.
The Israeli startup sold for $1.15 billion says CEO Noam Bardin. Previous reports had said Facebook was also a likely suitor, and that there had been a bidding war.
Most interestingly, Bardin admitted that the founders of the company diluted their stakes in the company during funding rounds with investors. The venture capitalists and other investors took over real control of the company, and over time forced them to make some costly mistakes.
Reads the post: "There has been some speculation that we sold due to investor pressure. That was never a factor in selling! The point is that since we owned so little of the company at that point, we felt that we were "working" for our board and not ourselves and so decided we would rather work for Larry Page than our investors."
The full post is an excellent and interesting look into the startup world, and I recommend it: A Unicorn in Israel
Most interestingly, Bardin admitted that the founders of the company diluted their stakes in the company during funding rounds with investors. The venture capitalists and other investors took over real control of the company, and over time forced them to make some costly mistakes.
Reads the post: "There has been some speculation that we sold due to investor pressure. That was never a factor in selling! The point is that since we owned so little of the company at that point, we felt that we were "working" for our board and not ourselves and so decided we would rather work for Larry Page than our investors."
The full post is an excellent and interesting look into the startup world, and I recommend it: A Unicorn in Israel
