Snap Snapchat’s parent company, has reportedly acquired Mobli’s ‘Geofilters’ patent .As per reports this acquisition is valued at $7.7 million. Mobli is a photo-sharing network and is also rival for Instagram.
A per report from Tech Crunch the citing sources and a confidential email sent by Mobli, to its shareholders, that Moshe Hogeg, who co-founded Mobli, sold its Geofilters patent to Snap this month for $7.7 million, “the highest amount paid for a patent from the Israeli tech industry.”
The most expensive patent acquisition deal in Israel till date was a $2.7 million patent to do with Google Maps.This latest acquisition is pretty crucial for the company. According to Snap’s S-1 filing for its IPO, of the $400 million in revenues the company has, $360 million is made by selling “Geofilters,” or photo filters based on location, which advertisers can buy.
Mobli, which was launched six years ago, patented the idea of Geo-photo filters in 2012. The patent – US#20160373805, US#9459778 – was named Methods and Systems of providing visual content editing functions and covered server-side filters,meaning the filter was directed from the server instead of inside the app. This means that the app itself doesn’t have to be updated every time there is a new Geo-photo filter to push.
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Madhurima Goyal, From ITvoir News Desk