Snap buys AR reality display maker WaveOptics for over USD 500 mln

News Wireless Global 21 MAY 2021
Snap buys AR reality display maker WaveOptics for over USD 500 mln

Snap has agreed to acquire WaveOptics for over USD 500 million, the Verge reported. The deal has been confirmed by a Snap spokesperson. WaveOptics is the supplier of the augmented reality displays that power its latest Spectacles glasses. Snap recently announced the fourth-generation of its Spectacles, with built-in augmented reality features. The glasses are wireless, can display 3D effects onto the real world and come with hand tracking.

UK-based WaveOptics was founded in 2014 and employs around 125 people. The company has raised USD 65 million worth of funding to date, according to financial data firm PitchBook. The company’s employees will now report to Steen Strand, the director of Snap’s hardware division. WaveOptics will be able to continue supplying other companies with its waveguides. It will work on Snap for custom optical systems.

Under the agreement, Snap will pay half of the buying price in stock now. In two years, it will  be able to decide if it wants to pay the rest in cash of more stock.

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