Snap to buy WaveOptics for over USD 500 million

New Delhi : Snap Inc. on Friday announced that it will be acquiring WaveOptics for over USD 500 million.

The deal was first reported by the Verge, but now has been confirmed by a company spokesperson. It will help the owner of photo messaging app Snapchat push its way into a future where AR eyewear could be ubiquitous.

Snap and other social media companies like Facebook and Twitter are racing to make build AR devices as a part on next technological advancement.

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

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.

On Thursday, Snap 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.