New reports have claimed that Google has acquired crowdsourced-mapping company, Waze for $1.1 billion, according to sources close to the development. If this is true, then Google would have successfully kept Waze out of the reach of the likes of Apple and Facebook, since both companies were also in on the action.

Talks between and Waze and Google has been finalized, according to Bloomber's source. However, the deal would still have to face regulatory approval to make sure Google is not becoming a monopoly and disrupting the competition where mapping is concerned.

As it stands, it proves Google is willing to pay dearly to keep Waze all to itself, because spending over $1 billion on a company that has similar mapping technology to Google is not particularly normal. It would be very interesting to see how Apple and Facebook responds to this revelation; keep a look out for complaints to stop this deal in its tracks.

Waze is an app that focuses on putting traffic data in the hands of the crowd. Using iOS and Android, users give real-time information about traffic jams, speed camera, delay in roads, along with other issues. The information given can be used to adjust navigation routes in order to bypass possible problems on the roadway.

Waze even has the ability to suggest where to purchase cheaper fuel, which is a great addition, since fuel is no longer an affordably commodity.

Such a system would fit well into Google Maps, Apple Maps and even Facebook's own location-based services. However, as it stands, Waze could find its final home at Google, but it will all come down to what the regulators think of this new acquisition.

We are not yet certain how Google would integrate Waze into Google Maps, or if the company would keep at as a separate application. But whatever the company does, it shouldn't fail as majority of the work is already done.