25-Dec, Tel Aviv – Israeli newspaper Calcalist reports that US-based Snap Inc., formerly Snapchat Inc., is to acquire AR tech company Cimagine, from Israel, for an estimated price of $30-40m. Expanding product portfolio and boosting workforce is likely done to prepare for the Snap Inc. IPO planned for March 2017.
Cimagine was founded in 2012 and works on augmented reality (AR) technology to support sales engagements by demonstrating how a product would look like in the real world before it is physically installed. Using the Cimagine AR solutions, the buyer has the chance to understand the visual dimensions of a product better and can better decide what model they need in a certain location. There is a strong B2B focus with that, but consumer applications, like fashion or interior design options, could also be possible.
There is no official press release out yet to confirm these details.
YouTube: Augmented Sales Tools (Cimagine)
https://youtu.be/EVKRVzrmCqA
Photo credit: Cimagine
Source: Tova Cohen (Reuters) / Meir Orbach (Calcalist)
