Home » News » Tech » Snapchat Acquiring Israeli AR Start-up Cimagine
1-MIN READ

Snapchat Acquiring Israeli AR Start-up Cimagine

iOS 11 Users Cannot Secretly Record 'Snaps' Anymore (Image: REUTERS/Eric Thayer/File Photo)

iOS 11 Users Cannot Secretly Record 'Snaps' Anymore (Image: REUTERS/Eric Thayer/File Photo)

Cimagine will become Snapchat's research and development centre in Israel.

Messaging app Snapchat is buying Israeli augmented reality startup Cimagine Media for an estimated $30-$40 million, marking Snapchat's first acquisition in Israel, the Calcalist financial daily reported on Sunday.

Read more: Top 5 Moto Phones Under Rs 16,000 in 2016

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.

Read more: Top 5 Apps for 2016 You Should Download on Your iPhone

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.

Read more: The Black Pearl Samsung Galaxy S7 Edge is Now Official

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.

 

first published:December 26, 2016, 08:33 IST