Snapchat just spent an estimated $30-$40 million to acquire Israeli augmented reality startup Cimagine Media, according to the Calcalist financial daily.
Founded in 2012, Cimagine is an augmented reality technology company specialising in augmented reality applications to retail, showrooms, and sales. The company previously raised a few million dollars.
Cimagine is meant to become Snapchat's R&D center in Israel. Calcalist reported that the company was planning to expand its current team following the acquisition.
Executives at Cimagine didn't comment on the report. Snapchat is expected to go public in March 2017 with a valuation of as much as $25 billion. Discover Cimagine's services in the videos below: