Snapchat Buying Israeli Augmented Reality Startup Cimagine.

Snapchat Buying Israeli Augmented Reality Startup Cimagine: Report

Messaging app Snapchat is buying Israeli augmented reality startup Cimagine Media for an estimated $30-$40 million (roughly Rs. 203 crores – 271 crores), marking Snapchat’s first acquisition in Israel, the Calcalist financial daily reported on Sunday.

Cimagine developed True Marketless Augmented Reality – technology that allows users to virtually place furniture and appliances they wish to purchase in the space of their home, on their mobile devices, at the click of a button.

Cimagine will become Snapchat’s research and development centre in Israel and is expected to rapidly expand its workforce from its current 20 employees, Calcalist said.

The company’s highly-skilled team is probably the main reason for the acquisition, rather than its technology, Calcalist said.

Officials at Cimagine declined to comment on the report.

The company was founded in 2012 and has raised a few million dollars.

Venice, California-based Snapchat is expected to go public as early as March with a valuation of as much as $25 billion.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s