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Snapchat has just acquired an Israeli tech startup and is ready to enter the AR market.
The year of 2016 will be going down in history for its developments in Sci-Fi fields like artificial intelligence, augmented reality, and virtual reality. SnapChat seems to have craved a place in this wave of incredible technology. As a consequence, the company has just signed a multi-million contract which makes it the owner of an Israeli startup Cimagine. This bold move will allow Snapchat to enter the AR market and provide its users with new and exciting social media features.
Snapchat tried to keep this transaction under complete silence. It was not until they sealed the deal when their bold move was discovered. The social media has just become the owner of Cimagine, a four-year startup that let go of its intellectual property for an estimated price of $30 to $40 million.
The young organization specialized in a certain type of software. Their program allows consumers to visualize all kinds of products in the realm of augmented reality. Afterward, they are able to purchase their desired items right in stores.
Neither party has yet disclosed how the startup will benefit the social media competitor. However, it seems that the same technology is already used by giant international companies such as Coca-Cola. The four-year startup worked with popular furniture companies and digital retailers. Their clients saw an increased number of sales the moment Cimagine updated their mobile apps and websites with their software.
The specialists in the field that analyze the Snapchat moves are of the opinion that the new software will improve the social platform with even more exciting features. In the near future, Snapchat users will be able to unlock a whole new level of digital social interactions thanks to augmented reality technology.
The acquisition can also be seen as an intention to build a development headquarter in Israel. It is also a smart move to get the chance to collaborate with bright talents in the AR market. Cimagine has four CEOs that are specialized in augmented reality technology. Nir Daube, Ozi Egri, Yoni Nevo, and Amiram Avraham will continue to employ their skills within the Snapchat company. They will improve the computer vision and image processing the company needs to become an aggressive competitor in the AR market.
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