Snap Inc. Acquires Israeli Augmented-Reality Startup Cimagine Media (Report)

Snapchat parent Snap Inc. made another acquisition last week: Israeli augmented reality startup Cimagine Media.

Snapchat parent Snap Inc. made another acquisition last week: Israeli augmented reality startup Cimagine Media.

Cimagine’s augmented reality technology allows potential customers to visualize products “in their own environments” in 3-D, and according to its website, clients include Coca-Cola, Shop Direct and furniture retailer John Lewis.

Israeli newspaper Calcalist reported that the deal is valued at between $30 million and $40 million, and it marks Snap Inc.’s first acquisition in Israel.

Connie Loizos of TechCrunch speculated that the deal could represent a talent grab for Snap Inc., as Cimagine co-founders Ozi Egri, Amiram Avraham, Nir Daube and CEO Yoni Nevo are all specialists in the fields of computer vision and image processing.

Readers: Why do you think Snap Inc. acquired Cimagine Media?