Augmented reality based startup Cimagine acquired by Snapchat
The technology giants continue with their acquisitions in their favorable areas of interest. Snapchat, which is image messaging mobile application, was in the talks due to its amazing features and frames created via virtual augmentation has now acquired augmented reality based startup named Cimagine in Israel. However, as per the sources, the acquisition deal was finalized in between $30 Million to $40 Million.
Cimagine started its journey fours year ago with its concept, which enables the customer to directly visualize the range of products they intend to buy nearby their location. The firm currently works with the brands such as Jerome’s—a furniture store; shop direct—a digital retailer; and Coca-Cola. The company works with a motive to boost the client’s online conversion rates and in-store sales by utilizing the cloud-based mobile platform.
It has been said that Snapchat would use the technology for future campaigns similar to the Starbuck’s previous chilled summer campaign.
The acquisition also looks like a perfect headhunt by introducing the co-founders of Cimagine including Amiram Avraham, Ozi Egri, Nir Daube, and the CEO Yoni Nevo, who are one of the specialists of computer vision and image processing. However, this move may probably come with a Snapchat development center in Israel.
Excluding this Cimagine’s acquisition, Snapchat has also boarded merely dozen of small startups under its influence including Vurb—mobile search app for $110 Million; Seene—a computer vision based startup; and the famous Bit Strips—an online personalized comic platform for $100 Million.