By Staff Writer

Snapchat has reportedly acquired augmented reality startup Cimagine Media for an estimated $30m to $40m.

Financial paper the Calcalist reported the move and noted that it is the mobile messaging app’s first acquisition in Israel.

The startup will act as Snapchat’s research and development centre in Israel and will see its workforce of 20 expand rapidly over the coming months. To that end, the Calcalist noted that it was the company’s highly-skilled team as the main reason behind Snapchat’s acquisition rather than the technology.

Cimagine was founded in 2012 and has a raised “ a few million dollars” to date, reported Reuters.

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Source: The Drum