Snapchat to acquire Cimagine Media for $30-$40 million

The deal, being Snapchat’s first Israeli acquisition, was supposedly driven by Cimagine Media’s skilled workforce rather than its augmented reality technology.

Calcalist financial daily has reported that Snapchat is all set to acquire Cimagine Media, an Israeli augmented reality startup, for an estimated $30-$40 million

This marks Snapchat’s first acquisition in Israel.

Cimagine expertise lies in Augmented Reality. Its True Marketless Augmented Reality capability allows users to virtually place appliances and furniture in their house without making a purchase, at the click of a button.

After the acquisition, Cimagine will become Snapchat’s R&D centre in Israel. Its workforce, from its current 20 employees, is also set to rapidly expand.

As per Calcalist, the main reason for the acquisition is Cimagine’s highly-skilled workforce rather than its technology.

When asked to respond to requests for comments, Cimagine declined comment.

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Categories: Creativity, Entrepreneurship, HR & Organization, Regulations & Legal, Strategy

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