Snapchat recently made its first purchase in Israel by procuring the company Cimagine. Snapchat is reported to have paid around $30 to $40 million for Cimagine, who has worked with Coke, Shop Direct, based in the UK, and a furniture store in California named Jerome’s. While this is Snapchat’s first purchase in Israel, it is one of many ventures the company has explored this year. Snapchat rebranded itself, now called Snap Inc. and purchased Bitstrips for $100 million and the search app Vurb for $110 million.
Cimagine works with companies like these by boosting their in-store sales by supplementing their mobile apps and online presence. Snapchat could use Cimagine’s technology to aid with its campaigns. The Starbucks promotion it had last summer that allowed users to place a filter over their Frappuccino is a perfect example.
It is also expected that Snapchat will begin with an IPO this March that could bring the company around $25 billion in profit. The purchase of Cimagine will gain Snapchat the expertise of Ozi Egri, Amiram Avraham, Nir Daube, and Cimagine’s CEO Yoni Nevo. Each of the four are experts when it comes to the world of computer and image processing.