Breaking news on the CNBC Disruptor 50 companies seeking to up-end the status quo in the markets.
Google vice president of Geo Brian McClendon wrote in the blog post, "We've all been there: stuck in traffic, frustrated that you chose the wrong route on the drive to work. But imagine if you could see real-time traffic updates from friends and fellow travelers ahead of you, calling out 'fender bender...totally stuck in left lane!' and showing faster routes that others are taking. To help you outsmart traffic, today we're excited to announce we've closed the acquisition of Waze. This fast-growing community of traffic-obsessed drivers is working together to find the best routes from home to work, every day."
A deal for the Israeli-based navigation app was expected once reports surfaced in the press in recent weeks that Facebook was considering an acquisition of the company. Waze reportedly set out to raise an additional round of venture capital but attracted a high degree of interest from acquirers once that process started. Facebook's service is already linked with Waze, and Facebook users can log into the maps app using their existing Facebook credentials.
(Read more: the CNBC Disruptor 50)