Snap Inc. An America Social media company, developers of Snapchat has announced on Friday that it will acquire WaveOptics Ltd, a British augmented reality (AR) technology company, for over $500 million.
A Snap spokesperson confirmed that the deal will enable the owners of photo messaging app Snapchat to push its way into a future where AR eyewear could be everywhere, The verge reported.
The company along with other tech giants like Facebook Inc and Apple Inc are in hurry to build AR devices as the next technological frontier after the smartphone.
The perception backing AR eyewear is that it could allow a user to virtually see route directions in front of them or for example see information about a landmark in their surroundings.
Snap said it will pay half the $500 million for WaveOptics in stock at closing, and the other half will be paid in either cash or stock in two years. Snap is based in Santa Monica, California, while WaveOptics is headquartered in Oxford, England.
Earlier on Thursday, Snap had unveiled a new version of its Spectacles glasses, the first to incorporate AR with two built-in cameras, two speakers and four microphones.
The new Spectacles won't be sold to the public, and will only be available to AR developers who apply to use the glasses.
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