The logo for the Israeli startup Waze. Photo: Waze.

The Israeli social-media navigation app Waze won the prestigious prize for Best Overall Mobile App on Tuesday at the GSMA Mobile World Congress in Barcelona.

On its Facebook page, Waze thanked its loyal followers: “This is a huge win for our community — thanks Wazers, for making us number 1!”

“It’s a great honor,” Waze CEO Noam Bardin said after receiving the award. “We are proud to be in good company with the world’s leading applications. The people responsible for the success are mostly our community of users, and we thank them.”

Waze competed in the main category, Judges Choice – Best Overall Mobile App, against four fierce competitors: The Dropbox file hosting service, the Flipboard technology news application, the Sky Sports F1 software and the Square electronic payment service.

Waze offers real-time traffic information shared by users. With some 40 million users worldwide, investment experts estimate Waze to be valued at $1 billion. Two months ago, it was reported that Apple had offered Waze $400 million to acquire it, but that turned out to be a false.