IP Group is exiting the diffractive waveguide producer in a cash-and-share purchase by Snap.
Messaging app developer Snap is acquiring WaveOptics, a US-based augmented reality (AR) technology provider backed by commercialisation firm IP Group, for over $500m, the Verge reported on Friday.
The transaction will consist of cash and shares, with Snap paying half upfront and the rest in two years’ time, the company told CNBC.
WaveOptics develops and produces diffractive waveguides, a key optical component in AR systems that allows images to be overlayed onto a solid transparent surface such as…
