Acquiring the Middle Eastern startup will help Snap Inc. expand its businesses beyond image messaging multimedia apps and smart wearables.
Exploring into the ever-changing realm of Augmented Reality (AR) is a brave move for multimedia app maker Snap Inc., nevertheless, the company has kept surprising its followers, consumers and stakeholders by introducing new business verticals every now and then. Recent developments and announcements by the social media multinational indicates the acquisition of an Israeli tech startup called Cimagine Media. According to reports, Snapchat will buy Cimagine for an estimated US$ 30 million or more and bring the AR startup in its bag of strategic acquisitions.
Cimagine Media is a tech company based in Israel, working towards development of innovative AR system and software that can promote the consumer goods business. As a tech developer, products offered by Cimagine Media have been primarily focused on multimedia apps that incorporate the AR technology to improve the e-commerce business for multiple consumer goods verticals. Computer vision, mobile development, interactive marketing and real-time image processing are some of the key aspects of business for Cimagine. Besides their ground-breaking development in Augmented Reality, Snapchat has also bought Cimagine to own their wide range of products & technologies that are built to extend the conventional dimensions of industrial verticals such retail technology, user interfacing, architecture and multimedia experience.
Not long back, Microsoft named Cimagine a promising tech startup from Israel, which was later endorsed by Forbes as one of the most lucrative companies to watch in the coming years. Seems like the guys at Snapchat have noted this comment duly by acquiring the tech company in 2016. Currently, Cimagine is known for launching a leading AR platform in retail with collaboration from Shop Direct. Deployment of multimedia-based AR solutions into retail enabled Cimagine to be a contributor in the world’s first augmented showroom for consumer goods. The company has branded itself as “Augmented Commerce” and holds a vast consumer base, which includes local retailers as well as global industry leaders such as John Lewis and The Coca-Cola Company. Cimagine’s businesses spanned across the world, in Australia, the US and the UK are also expected to benefit Snap Inc., after the acquisition is completed.