Snapchat acquires an Israeli AR start-up for up to $40 mn

Live image messaging app Snapchat (Snap, Inc.) is marking its first acquisition in Israel. Snapchat is buying Israeli start-up Cimagine Media for an estimated $30-$40 mn, as reported by the Israeli financial daily Calcalist.

Cimagine Media, an Augmented Reality (AR) start-up will now become Snapchat's R&D Center in Israel. The start-up provides the technology to virtually place images or information in real time through a digital interface. According to reports, the twenty people company is expected to grow now following the acquisition.

Meanwhile, Snapchat’s parent company Snap Inc. has secretly filed for an Initial Public Offering (IPO) which is estimated to be the biggest public offering since 2014. The shares of the company, valued at $20-$25 billion, can be sold to general public as soon as by March 2017.