The company acquired Cimagine, which has been in business just four years and whose platform for augmented reality allows its users to instantly visualize the products they are interested in buying in their location, paying what is thought to be $30 million to $40 million.
According to Cimagine’s LinkedIn page it currently is working with brands such as Southern California furniture store Jerome’s, UK-based Shop Direct a digital retailer and Coca Cola.
Reportedly, Snapchat is planning to use the Cimagine’s technology platforms to enhance its campaigns that have been seen previously with companies such as Starbucks.
The coffee house chain launched a campaign with Snapchat related to chilled summer beverages last summer, which gave Starbucks drinkers a way to superimpose a lens on top of an image of an ice cold Frappuccino drink and send it over to their friends.
This looks as well to be a way to grab hold of talent with the four co-founders of Cimagine – CEO Yoni Nevo, Amiram Avraham, Ozi Egri and Nir Daube – each being specialists in the image processing and computer vision fields.
This move also seems it has been made by Snapchat to give the online social media company an opportunity to start building its development center that it wants in Israel.
Another online company that specialize in tech news said that Cimagine raised an unknown amount of funding, including from Plus Ventures, OurCrowd and iVentures Asia.
Snapchat is reportedly also moving forward with its IPO that could give the company a value of $20 billion to $25 billion and many expect it will be available as soon as March of 2017.
Snapchat recently changed its branding to Snap Inc and is thought to have made close to one dozen or more smaller acquisitions during 2016, though there could have been even more that were not reported.
The acquisitions include adtech business Flite, Vurb the mobile search application that apparently cost Snapchat over $110 million. In addition, Snapchat purchased Seene a startup specializing in computer vision and Bitstrips the maker of bitmojis, which are personalized emojis.
The acquisition of Bitstrips is thought to have cost Snapchat over $100 million.
This story was originally published by sleekmoney (https://sleekmoney.com) and is the sole property of sleekmoney. If you are reading this article on another website, that means this article was illegally copied and re-published to this website in violation of U.S. and International copyright law. You can view the original version of this story at https://sleekmoney.com/snapchat-acquires-israeli-startup-cimagine/1583174.html
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.