The Verge was the first outlet to report the news on Friday. Snap will pay for half of the deal in stock now, and in two years, it’ll pay the other half in either stock or cash.
WaveOptics was founded in 2014 and has raised $65 million to date, per The Verge, and has a team of about 125 people. Those employees will now report to Steen Strand, head of Snap’s hardware division.
Snap CEO Evan Spiegel has made clear several times in the past he’s bullish on the future of AR. And coincidentally, Snap unveiled the latest version of Spectacles, which has spiffy new AR filters, on Thursday.
Read more on thewrap.com
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