Snapchat acquires Israeli AR startup Cimagine Media for an estimated $30-$40M
In a Sunday report, financial daily Calcalist News has revealed that California-based ephemeral messaging service Snapchat has quietly acquired Israeli augmented reality (AR) startup Cimagine Media.
The acquisition of four-year-old Cimagine marks Snapchat's first acquisition of an Israeli firm. About the financial terms of the acquisition, the Calcalist's report said that Snapchat is estimated to have paid $30-$40 million to purchase Cimagine.
With Cimagine's AR platform essentially enabling consumers to instantly visualize the products - like furniture and appliances - which they want to buy in their proposed location, the Calcalist said in its report that Snapchat apparently plans to make Cimagine its research and development center in Israel.
The report also revealed that after Snapchat's acquisition of Cimagine, the workforce of the AR startup will likely be rapidly expanded from its current 20 employees.
Moreover, the acquisition of Cimagine will also underscore a talent-grabbing move by Snapchat, especially in the wake of the fact that each of the four co-founders of Cimagine -- CEO Yoni Nevo, Ozi Egri, Amiram Avraham, and Nir Daube -- is an expert in the fields of computer vision and image processing.