Partnerships / Acquisitions

Snapchat Is On A Buying Hunt

Snapchat is reportedly in the mood to buy companies, looking at everything from drone companies to wearable camera startups.

According to a report by Business Insider, which cited multiple sources familiar with its M&A strategy, Snapchat is looking at a range of hardware companies to purchase as it aims to create cameras that can take pictures and videos and push them into its social networks. In addition to looking at drones and wearable cameras, it’s eyeing augmented reality and virtual reality applications. The report pointed to Lily Robotics, a drone company as one startup Snapchat held talks with. No deal has been reached, although it can’t be ruled out for the future. The report noted Snapchat held talks with a wearable camera company named Narrative about buying it. The talks fell apart with the Swedish company.

In the case of Lily Robotics, Business Insider noted the company could help solve Snapchat‘s selfie problem, with Snapchat trying to identify ways for consumers to take hands-free selfies. Lily’s drones can be tossed in the air and track and follow its owner automatically, shooting video all the while. That could be used on Snapchat in sports settings, like snowboarding or surfing, noted the report. Snapchat has also had meeting with startups in the augmented reality and virtual reality markets, with one centered on building cameras to enhance virtual realties. “Every VR or AR startup the investor met with had already talked to Snapchat six months earlier,” said one early-stage investor in the report.

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