Reportedly beating competitors to the punch, Google Inc. (Nasdaq: GOOG) is set to purchase real-time traffic data service Waze Inc. in a move that is expected to help the search giant leverage its considerable mapping prowess. Location services have become a key area of focus for technology companies, as consumers increasingly adopt mobile devices.

In a blog post, Google confirmed the deal, which had been rumored, but did not offer financial details. Reports peg the price tag at 1.1 billion.

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