5/21, 3:36 PM (Source: TeleTrader)
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Chart for: Snap Inc

Snap to buy AR screen supplier WaveOptics

Snap Inc will acquire the augmented reality (AR) display company WaveOptics Ltd in a deal worth over $500 million, a WaveOptics spokesperson confirmed for the Verge on Friday.

Half of the agreed amount will be paid in stock now, while the other half can be paid in either stock or cash in two years. WaveOptics is the supplier of AR display technology used in the newest generation of Snap's Spectacles released on Thursday alongside a slew of partnerships and tools. The glasses, which mark the first generation of Spectacles to use AR technology, will not be available for purchase and will only be given to a select few creators.

Other tech companies including Facebook, Apple and Microsoft are also working on AR lens technology.

Breaking the News / MJ