Snapchat has acquired Israeli augmented reality (AR) startup Cimagine for a sum in the vicinity of $30 million-$40 million, Snapchat firm will use the Israeli acquisition to start research and development activities in Israel.
The deal is the first for Snapchat in Israel, Calcalist said, adding that the 20-person company based in Kfar Yehoshua, near Nazareth, is expected to hire more workers in the near future, following the acquisition.
Cimagine was founded in 2012 by CEO Yoni Nevo with Nir Daube, VP Product and Ozi Egri, VP R&D, the AR technology for businesses developed by Cimagine allows users, like customers of UK retailer Shop Direct, “to visualize products in life-like 3D images at the click of a button.” This enables, for instance, users to visualize furniture and appliances placed virtually in their home spaces via their mobile devices.
The Israeli company has operations in the UK, the USA and Australia, according to the company’s website.
Cimagine was chosen by Inc.com and Microsoft as one of Israel’s most promising startups, and by Forbes as one of the Israeli companies to watch in 2016, the company said on its website.
The company is “turning cutting-edge technology into easy-to-use, game-changing solutions for commerce,” Cimagine says on its website. “Instead of relying on a sales pitch, make your customers active partners and let them try out various products, colors and designs in their own space.”