Image messaging and multimedia mobile application Snapchat is buying Israeli augmented reality startup Cimagine Media for an estimated $30-$40 million, Israeli Calcalist reported on Sunday.
This is Snapchat’s first acquisition in Israel. According the report, Snapchat will establish a R&D center where it will employ more than the 20 people currently working at Cimagine Media, Calcalist said. The company’s highly-skilled team is probably the main reason for the acquisition, rather than its technology, Calcalist added.
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Co-Founded in 2012, by CEO Yoni Nevo, Cimagine raised a few millions from Explore.Dream.Discover, iVentures Asia Ltd., OurCrowd, and PLUS Ventures.
The company headquartered in Israel with a global presence in the UK, USA and Australia.
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, fast and only at the click of a button.
The company already has partnerships with Israeli company Shop Direct, John Lewis, and Coca-Cola and wants to help retailers tap into the potential of augmented reality.
Israel’s Cimagine Media And yRuler Team With Shop Direct On New Virtual Shopping Software
Cimagine actually brings to Snapchat a focus on commerce and doing facilitating shopping through Snapchat might open up additional revenue opportunities.
California-based Snapchat, led by its founder Evan Spiegel, is expected to go public as early as March with a valuation of as much as $25 billion.
