Snapchat Secretly Purchased Smart Glasses Company, Sony Hack Reveals
Ashley Allen / 3 years ago
Leaked documents from the recent Sony hack have revealed that Snapchat secretly purchased Vergence Labs, a manufacturer of smart glasses, for $15 million earlier this year. A number of e-mails from the inbox of Sony Entertainment CEO Michael Lynton, also a member of Snapchat’s board, discuss the deal, worth $11 million cash and $4 million in Snapchat stock.
Vergence Labs are responsible for a brand of smart glasses called Epiphany Eyewear. The black-framed glasses can shoot POV video, uploaded to cloud storage via WiFi. Prices range between $300 and $500, offering 8GB, 16GB, and 32GB models.
The deal to buy the company was thought to be hurried due to Vergence Labs suffering financial difficulties; documents show that Snapchat loaned Vergence $2 million shortly before the acquisition. Had news of the deal not leaked in this manner, it is unclear if and when Snapchat would have announced it.
Source: The Verge