August 13, 2022
Snap to Buy Augmented Reality Company WaveOptics for Over 0 Million

Snap on Friday said it will acquire British augmented reality (AR) technology company WaveOptics for $500 million (about Rs 3,645 crore).

deal, previously reported Confirmed by The Verge and by a Snap spokesperson, the photo messaging app will help the owner of Snapchat make its way into a future where AR eyewear may become ubiquitous.

Snap, along with other tech giants like Facebook and Apple, are racing to make AR devices as the next technological frontier after smartphones.

The approach behind AR eyewear is that it could allow the user to virtually see route directions in front of them, or view information about a landmark in their surroundings, for example.

Snap said it will pay half of the $500 million it closes in stock for WaveOptics, and the other half will be paid in cash or stock over two years. Snap is based in Santa Monica, California, while WaveOptics is headquartered in Oxford, England.

On Thursday, Snap unveiled a new version of its Spectacles glasses that incorporate AR with two built-in cameras, two speakers, and four microphones.

The new glasses will not be sold to the public, and will only be available to AR developers who apply to use the glasses.

© Thomson Reuters 2021

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