Snapchat has silently acquired Israeli’s augmented reality startup Cimagine Media for an estimated $30-$40 million, marking Snapchat’s first acquisition in Israel, the Calcalist financial daily reported on Sunday.
Cimagine developed True Marketless Augmented Reality – a platform that lets consumers instantly visualize products they want to buy in their intended location, in the space of their home, on their mobile devices, at the click of a button.
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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.
According to its LinkedIn page, Cimagine currently works with brands like Jerome’s, a furniture store franchise in Southern California; the U.K.-based digital retailer Shop Direct; and the global giant Coca Cola — its cloud-based mobile platform aiming to help these companies augment their sites and mobile apps and boost online conversion rates and in-store sales in the process.
The company was founded in 2012 and has raised a few million dollars for themselves.