Apple Quietly Buys Spektral For $30M

Spektral, a computer vision company located in Denmark, was acquired by Apple for more than $30 million.

Sources reported that Spektral’s technology can accurately and quickly cut out images from augmented reality, and it can also be used for images and photos. Rumors that Apple was buying Spektral started surfacing earlier this week, with Danish financial newspaper Børsen reporting the deal has, in fact, happened. Apple said it “buys smaller technology companies from time to time, and [it] generally [does] not discuss [its] purpose or plans.”

Reports suggest that the deal happened a while ago, noting that Spektral’s technology may contribute to Apple’s imaging business for yet to be launched applications, and could also be used to improve the quality of the apps already in the marketplace, such as Photo Booth and ARKit.

The acquisition comes at a time when some on Wall Street are getting more bullish about its latest iteration of the iPhone. Earlier this week (Oct. 9), Bank of America Merrill Lynch was pounding the table on Apple, predicting it will see increased momentum. According to a report in CNBC, citing a research note that Bank of America Merrill Lynch issued to clients, a global survey of smartphone users concluded there is strong enough demand that Apple could report earnings that beat expectations next year. Bank of America Merrill Lynch reiterated its buy rating on the stock and its price target of $256 a share, which implies a 14 percent upside to where the stock was Monday (Oct. 8).

“Our survey suggests interest in upgrading to an iPhone rose significantly in recent months, with steady growth following the announcements of the iPhone XS and iPhone XR,” analyst Wamsi Mohan said. Based on the survey of close to 91,000 consumers from March to September, the Wall Street firm found that 33 percent of survey respondents plan to upgrade to an iPhone, while only 15 percent said they would upgrade to a Samsung device. What’s more, 70 percent of iPhone owners plan to remain with Apple when they are in the market for a new device.