Snapchat reportedly acquires its first Israeli startup, Cimagine. The startup which was established in 2012 works exclusively on an augmented reality platform that lets its users immediately visualize objects they plan on buying in a given specific location. The Calcalist News reported that Snapchat would pay somewhere between $30 Million to $40 Million for acquiring Cimagine.
Snapchat could use the advanced tech to make their campaigns seem more interesting. Along with the technology, the co-founders of Cimagine, Ozi Egri, Amiram Avraham, Nir Daube and CEO Yoni Nevo will be part of Snapchat’s team. Snapchat can use their professional insights about image processing and computer vision to its advantage.
CrunchBase reports that Cimagine has raised undisclosed amount in the past in a round of seed funding from iVentures Asia, OurCrowd and Plus Ventures. On the other hand Snapchat is getting closer with an IPO that could value the company almost $25 Billion.
Snapchat was also recently rebranded as Snap Inc as the company had other products apart from their Snapchat app like Spectacles and more to come in the future. Snap Inc has been making acquisitions for better user experience.
“Cimagine will become Snapchat’s research and development center in Israel and is expected to rapidly expand its workforce from its current 20 employees”, Calcalist reported. “The company’s highly-skilled team is probably the main reason for the acquisition, rather than its technology”, Calcalist added.