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Snapchat to buy augmented reality firm Cimagine
The Israeli startup's platform lets consumers instantly visualize products they want to buy in their intended location
Image messaging company Snapchat is known to have made roughly half a dozen smaller acquisitions this year. Its latest acquisition is the Israeli augmented reality startup Cimagine Media, the Calcalist financial daily reported on Sunday. The deal is reported to be closed at an estimated $30-$40 million.
Cimagine known for its 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.
As reported in the Calcalust, Cimagine will become Snapchat's research and development centre in Israel and is expected to rapidly expand its workforce from its current 20 employees, and the company's highly-skilled team is probably the main reason for the acquisition.