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Snap Inc.
Snap Inc. is an American technology company, founded on September 16, 2011, by Evan Spiegel, Bobby Murphy, and Reggie Brown based in Santa Monica, California. The company developed and maintains technological products and services, namely Snapchat, Spectacles, Bitmoji, and SnapBoost. The company was named Snapchat Inc. at its inception, but it was rebranded Snap Inc. on September 24, 2016, in order to include the Spectacles product under the company name.
The company was founded on September 16, 2011, by Evan Spiegel, Reggie Brown and Bobby Murphy upon the relaunch of the photo sharing app Picaboo as Snapchat. On December 31, 2013, the application was hacked and 4.6 million usernames and phone numbers were leaked to the Internet.
By January 2014, the company had refused offers of acquisition, including overtures from Mark Zuckerberg, with Spiegel commenting that "trading that for some short-term gain isn't very interesting."
In May 2014, the company acquired the software company AddLive to provide needed technology to create a new video chat feature. In that same month, it settled U.S. Federal Trade Commission (FTC) charges over its having misled users regarding its collection of their address book data and transmission of their locations (without notice or consent), and regarding its claim that user messages disappeared after their expiration (rather than remaining accessible, as they had). In December, the company acquired Vergence Labs for $15 million in cash and stock, who were the developers of Epiphany Eyewear, and the mobile app Scan for $50 million, which was revealed during the 2014 Sony Pictures hack.
In May 2015, the company moved from its original headquarters to a 47,000 ft2 (4,366 m2) office complex near Venice Beach and signed a 10-year lease. They were one of the first prominent online platforms to establish themselves there, alongside others such as Whisper and Tinder, giving Venice the new title of "Silicon Beach." In February 2017, two weeks before the company's IPO, The New York Times published a feature about Snap's role in turning the area into a technology hub, noting that Snap, with a total of 1,900 employees, had "already changed the face of Venice."
In September 2015, Snapchat acquired Looksery to develop Lenses for its mobile app, a feature based on Looksery's facial recognition software. In March, July, and August 2016, the company acquired Bitstrips for $100 million, Obvious Engineering, the developers of Seene, for an undisclosed amount and Vurb for $100 million. Vurb formerly developed the eponymous mobile search engine. The Vurb card-based engine removed the need to switch through multiple other applications on the device to perform a task.
In September 2016, the company officially named itself Snap Inc., and unveiled smartglasses known as Spectacles. In November 2016, the company filed documents for an initial public offering (IPO) with an estimated market value of $25–35 billion. In December 2016, the company opened research and development in Shenzhen and acquired advertising and technology company Flite and Israel-based augmented reality startup Cimagine Media for $30–40 million. A partnership issued in December 2016 with Time Warner's Turner Broadcasting System will allow integration of Turner properties on Snapchat, while cooperating with Snap Inc. to develop original content.
In January 2017, the company announced that it had established an international headquarters in Soho, London. In early February 2017, the company confirmed their plans for an IPO in 2017 and its expectation to raise $3 billion. In early March 2017, the company went public under the trading symbol SNAP, and raised almost $30 billion in market capitalization on the first day of trading.
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Snap Inc.
Snap Inc. is an American technology company, founded on September 16, 2011, by Evan Spiegel, Bobby Murphy, and Reggie Brown based in Santa Monica, California. The company developed and maintains technological products and services, namely Snapchat, Spectacles, Bitmoji, and SnapBoost. The company was named Snapchat Inc. at its inception, but it was rebranded Snap Inc. on September 24, 2016, in order to include the Spectacles product under the company name.
The company was founded on September 16, 2011, by Evan Spiegel, Reggie Brown and Bobby Murphy upon the relaunch of the photo sharing app Picaboo as Snapchat. On December 31, 2013, the application was hacked and 4.6 million usernames and phone numbers were leaked to the Internet.
By January 2014, the company had refused offers of acquisition, including overtures from Mark Zuckerberg, with Spiegel commenting that "trading that for some short-term gain isn't very interesting."
In May 2014, the company acquired the software company AddLive to provide needed technology to create a new video chat feature. In that same month, it settled U.S. Federal Trade Commission (FTC) charges over its having misled users regarding its collection of their address book data and transmission of their locations (without notice or consent), and regarding its claim that user messages disappeared after their expiration (rather than remaining accessible, as they had). In December, the company acquired Vergence Labs for $15 million in cash and stock, who were the developers of Epiphany Eyewear, and the mobile app Scan for $50 million, which was revealed during the 2014 Sony Pictures hack.
In May 2015, the company moved from its original headquarters to a 47,000 ft2 (4,366 m2) office complex near Venice Beach and signed a 10-year lease. They were one of the first prominent online platforms to establish themselves there, alongside others such as Whisper and Tinder, giving Venice the new title of "Silicon Beach." In February 2017, two weeks before the company's IPO, The New York Times published a feature about Snap's role in turning the area into a technology hub, noting that Snap, with a total of 1,900 employees, had "already changed the face of Venice."
In September 2015, Snapchat acquired Looksery to develop Lenses for its mobile app, a feature based on Looksery's facial recognition software. In March, July, and August 2016, the company acquired Bitstrips for $100 million, Obvious Engineering, the developers of Seene, for an undisclosed amount and Vurb for $100 million. Vurb formerly developed the eponymous mobile search engine. The Vurb card-based engine removed the need to switch through multiple other applications on the device to perform a task.
In September 2016, the company officially named itself Snap Inc., and unveiled smartglasses known as Spectacles. In November 2016, the company filed documents for an initial public offering (IPO) with an estimated market value of $25–35 billion. In December 2016, the company opened research and development in Shenzhen and acquired advertising and technology company Flite and Israel-based augmented reality startup Cimagine Media for $30–40 million. A partnership issued in December 2016 with Time Warner's Turner Broadcasting System will allow integration of Turner properties on Snapchat, while cooperating with Snap Inc. to develop original content.
In January 2017, the company announced that it had established an international headquarters in Soho, London. In early February 2017, the company confirmed their plans for an IPO in 2017 and its expectation to raise $3 billion. In early March 2017, the company went public under the trading symbol SNAP, and raised almost $30 billion in market capitalization on the first day of trading.