Waze said to have rejected Apple’s buyout offer

It isn’t often you hear about a small startup rejecting a buyout offer from the world’s most valuable company, but times may be changing. Earlier rumors had claimed a deal was in the works for Apple (AAPL) to acquire social navigation startup Waze in a desperate effort to improve its widely-panned Maps application. Waze was said to be seeking a hefty $750 million payout from Apple and is now believed to have rejected the company’s offer, according to The Next Web. Despite the fact that Waze was valued around $200 million in its last round of funding, investors were reportedly aiming for a higher offer, possibly in the $1 billion range. The Next Web’s sources claim the company has received more than one acquisition offer in the past year, but it has declined them all and is looking to “build something big and not look for a quick exit.” Waze is believed to have nearly 30 million users, however the company is having trouble monetizing the service.

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This article was originally published by BGR