Snapchat

Snapchat Is Buying an Israeli Augmented Reality Startup

Cimagine will become Snapchat's research and development center in Israel.
Snapchat Is Buying an Israeli Augmented Reality Startup
Image credit: dennizn | Shutterstock
1 min read
This story originally appeared on Reuters

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

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.

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 said.

The company's highly-skilled team is probably the main reason for the acquisition, rather than its technology, Calcalist said.

Officials at Cimagine declined to comment on the report.

The company was founded in 2012 and has raised a few million dollars.

Venice, Calif.-based Snapchat is expected to go public as early as March with a valuation of as much as $25 billion.

(Reporting by Tova Cohen)

More from Entrepreneur

Grow Your Business at Entrepreneur LIVE! Join us on Nov. 16 in Brooklyn, NY, to learn from legends like Danica Patrick and Maria Sharapova, pitch our editors, meet with investors, and potentially walk away with funding!
Register here

One-on-one online sessions with our experts can help you start a business, grow your business, build your brand, fundraise and more.
Book Your Session

In as little as seven months, the Entrepreneur Authors program will turn your ideas and expertise into a professionally presented book.
Apply Now

Latest on Entrepreneur

My Queue

There are no Videos in your queue.

Click on the Add to next to any video to save to your queue.

There are no Articles in your queue.

Click on the Add to next to any article to save to your queue.

There are no Podcasts in your queue.

Click on the Add to next to any podcast episode to save to your queue.

You're not following any authors.

Click the Follow button on any author page to keep up with the latest content from your favorite authors.