Snapchat, a California-based messaging app platform, is set to buy Israeli augmented reality start-up Cimagine Media.
Cimagine created a technology — True Markerless Augmented Reality — that allows users to preview furniture and appliances they wish to purchase by virtually placing the objects in their homes via a mobile app. Essentially, users get an in-home prospective view of the product before making their decision.
The Israeli tech start-up’s price is expected to be as high as $30-40 million, and it would be Snapchat’s first acquisition in Israel, Reuters reports. Cimagine will likely become Snapchat’s research and development center in Israel, with projections of rapid expansion in its workforce from its current level of 20 employees. Experts note that while Cimagine has impressive technologies, it is likely their employees’ skills that drew Snapchat’s attention.
Cimagine brings partnerships with some big brand names, including: Coca-Cola, Shop Direct, and John Lewis.
This would not be Snapchat’s first acquisition this year, as the messaging company reportedly scooped up San Francisco-based Flite, a platform for digital ad creation and management, earlier in December. While the terms of the deal remain secret, Flite’s talent, rather than its content, is widely speculated to be the reason Snapchat made a play for the firm.
Snapchat is expected to go public with all initial public offerings for its various acquisitions as early as March 2017.
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