Technology

Snap buys lens company for $500 million as augmented reality efforts ramp up

Technology

Snap buys lens company for $500 million as augmented reality efforts ramp up

Snap is acquiring WaveOptics, a company that creates lenses and other parts that are used in augmented reality glasses. The acquisition will give Snap many of the components to create glasses that people can wear and then see computer-generated imagery overlaid on top of the real world. Snap confirmed to CNBC Friday the deal is worth about $500 million in cash and stock, with about half paid upfront in stock.

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