Snapchat to buy Israeli Start-up Cimagine

Snapchat to buy Israeli Start-up Cimagine

Posted by Naveen on December 26th 2016

 According to the Calcalist financial daily, messaging app Snapchat is planning t o buy Israeli augmented reality startup Cimagine Media for an estimated $30-$40 million, marking Snapchat's first acquisition and foray into Israel.
The company which was founded in 2012 has developed True Marketless Augmented Reality – technology that allows users to virtually place furniture and appliances they wish to purchase in the space of their home, on their mobile devices, at the click of a button.
Their Team expertise lies  in computer vision, real-time image processing, mobile development, international marketing and business development, from leading technology companies such as Rafael Defense Systems, HP, IBM, Dassault Systemes, P&G, Amdocs and ECI Telecom. 
Cimagine was chosen also by and by Microsoft as one of Israel’s most promising start-ups, and by Forbes as one of the Israeli companies you should watch for in 2016. 
It has launched the world’s largest implementation of AR in retail to date with Shop Direct, the largest global brand AR deployment with TCCC and the world’s first augmented showroom according to the  Cimagine website.
The company is headquartered in Israel with a global presence in the UK, USA and Australia and will become Snapchat's research and development center in Israel and is expected to rapidly expand its workforce from its current 20 employees, Calcalist said, though there is no official communication from Cimagine as yet.


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