Snapchat to buy Israeli startup Cimagine for estimated $40 million
Multimedia messaging company's deal with augmented reality developer is Snapchat's first acquisition in Israel • Employees to stay on with the company • Cimagine specializes in computer vision, real-time image processing and international marketing.
Multinational technology and social media company Snap Inc., owner of the popular mobile multimedia messaging application Snapchat, has finalized a deal to buy Israeli augmented reality startup Cimagine Media for an estimated $40 million, Israel Hayom learned Monday.
This marks Snapchat's first acquisition in Israel, and it will allow Snap to establish its first research and development center in the Middle East. Cimagine's 20 employees are expected to stay on with the company, which is now looking to expand its workforce.
Founded in 2012, Cimagine specializes in computer vision, real-time image processing, mobile development, and international marketing. One of the Israeli company's developments is True Marketless Augmented Reality -- commerce-focused 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.
Cimagine already does business in the U.S., U.K. and Australia, and has partnerships with Shop Direct, John Lewis, and Coca-Cola, increasing its appeal to Snap, which may seek to introduce shopping through Snapchat in the future, as means of exploring additional revenue opportunities.
California-based Snapchat is expected to go public as early as March with a valuation of as much as $25 billion.
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