Snap Inc., parent company of mobile messaging app Snapchat, acquired Israeli augmented reality startup Cimagine Media for an estimated $30-$40 million, according to the Calcalist financial daily.
The acquisition is the first Israeli pickup for the Venice-based tech startup, which is moving forward with an IPO that could value it near $25 billion. Cimagine creates virtual models of products that allow consumer to visualize them in a given space - for instance, a table or chair can be overlaid in an existing environment.
Snap’s move is part of half a dozen or so acquisitions the company has made this year. The Calcalist report said the company’s newest acquisition is expected to help expand Cimagine’s operations from its current 20 employees.
Snap spokesman Noah Edwardsen declined to comment.
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