Google, it seems, just keeps growing and growing.

The American multinational corporation that deals mainly with internet services and products will reportedly purchase the much buzzed about Israeli navigation app Waze for a cool $1 billion.

Waze, developed in 2008 and boasting nearly 50 million users, is no slouch itself, as the Ehud Shabtai and Amir Shinar founded company developed a free GPS application, featuring turn-by-turn navigation. Waze solicits input from its users to improve things like directions, traffic and road-hazard features.

Android, Apple’s (AAPL) iPhone, Nokia’s (NOK) Symbian, Microsoft’s (MSFT) Windows Mobile and J2ME devices all have it available, perhaps accounting for some of Waze’s popularity. Bloomberg News first reported the possibility of a deal on May 23, while the Israeli financial daily Globes listed the pricetag being bandied about Sunday was $1.3 billion.

Google apparently swooped in and brokered a successful deal where rivals Apple and Facebook, which both eyed Waze for some time, could not. Reports indicated Apple’s offer wasn’t lucrative enough, while the company Mark Zuckerberg made famous may have endured integration issues with Waze on board despite nearing the $1 billion Google offered in the sale.

A Google-Waze partnership was seen by some analysts as being a perfect fit due to the former’s already strong foothold in mapping software. The purchase of the Palo Alto, Calif based company includes other benefits as well for Google, including a likely boost in location-based advertising along with the elimination of another rival in Waze.

“Google needs to maintain supremacy in maps, as they are a key to mobile advertising,” Andrew Frank, an analyst at Gartner Inc., said in an email, according to Newsday. “They need more ways to shore up their social efforts … the rivalry between Google and Facebook is escalating (and) this will be seen as another skirmish in an increasingly aggressive competition, which should ultimately benefit consumers and advertisers.”

Google, the world’s most popular search engine according to a recent poll. has been a strong performer, filling its coffers to the tune of $14.4 billion in the first quarter of 2013, over 20 percent higher than its numbers from a year ago. Google has also been plenty busy, purchasing the e-commerce company Channel Intelligence in February, along with the infrastructure start-up company Talaria Technologies and the mobile sensor start-up Behavio in recent months.

Waze, meanwhile, has a big money past with $30 million being raised for the company in a 2011 funding round. U.S. regulators will still have their say about this potential new powerhouse, as well, to see if it will change the market in an adverse way.