Snapchat acquires AR platform Cimagine for around $40M

Snapchat has acquired four-year-old augmented reality platform Cimagine, which is its first acquisition. According to the Techcrunch, the amount of acquisition was between $30 million and $40 million. Presumably, the company will use the tech to further enhance campaigns like Starbucks, which launched a Snapchat chilled summer drinks campaign last summer, giving Starbucks drinkers the ability to superimpose a lens over a picture of their icy Frappuccino beverage and send it to their friends. Founded in 2012, Cimagine has expertise in computer vision, real-time image processing, mobile development, and international marketing and from leading technology companies such as Rafael Defense Systems, HP, IBM, Dassault Systemes, P&G, Amdocs and ECI Telecom.