According to reports, Snapchat recently acquired their first startup, an Israeli-based firm which goes by the name Cimagine which dabbles in augmented reality platforms, and allows consumers to see what they want to buy in their various locations.
The acquisition is believed to have been for figures around $30 million and $40 million.
The LinkedIn page for the startup showed that the company has been in partnership with firms such as Jerome’s which is a furniture store franchise which is based in Southern California. It is also in partnership with other companies including the global giant Coca-Cola and the UK based digital retailer, Shop Direct.
The cloud-based mobile platform for the company allows for it to be able to help the companies augment their partner’s sites and the mobile apps thereby driving the online conversion rates and the in-store sales at the same time.
Snapchat will Use The Technology to Further Campaigns
Experts believe that Snapchat will use the technology to further campaigns such as those that were seen with Starbucks which launched a Snapchat chilled summer drink last summer. The campaign gave the Snapchat users a chance to impose a lens over one picture, which then allowed for the users to send it to their friends.
Cimagine Acquisition Interpreted as a Talent Grab
The acquisition is also being interpreted as a talent grab, as the four co-founders of the Cimagine startup are specialists in the field of computer vision and image processing. The co-founders are, Ozi Egri, Amiram Avraham, Nir Daube and CEO Yoni Nevo. The move also allows Snapchat to build a development center in Israel if they want.
Cimagine is believed to have raised some funds through seed funding which was supported by firms including iVentures Asia, OurCrowd, and Plus Ventures.