M&A Deal Summary

Snap Acquires Bitstrips

On March 24, 2016, Snap acquired internet software and services company Bitstrips for 100M USD

Acquisition Highlights
  • This is Snap’s 3rd transaction in the Internet Software and Services sector.
  • This is Snap’s 5th largest (disclosed) transaction.
  • This is Snap’s 1st transaction in Canada.
  • This is Snap’s 1st transaction in Ontario.

M&A Deal Summary

Date 2016-03-24
Target Bitstrips
Sector Internet Software and Services
Buyer(s) Snap
Deal Type Add-on Acquisition
Deal Value 100M USD

Target

Bitstrips

Toronto, Ontario, Canada
Bitstrips, Inc. is an application that makes personalized emojis known as bitmojis.

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Buyer(S) 1

Buyer

Snap

Santa Monica, California, United States

Category Company
Founded 2010
Sector Internet Software and Services
Employees5,289
Revenue 4.6B USD (2023)
DESCRIPTION
Snapchat's corporate headquarters in Venice, California.
Snapchat's corporate headquarters in Venice, California.

Snap is the developer of Snapchat, a camera application that was created to help people communicate through short videos and images. The Company calls each of those short videos or images a Snap. Snapchat opens directly into the Camera, making it easy to create a Snap and send it to friends. Snaps are deleted by default, so there is a lot less pressure to look pretty or perfect when creating and sending images on Snapchat. Snap offer lots of creative tools like lenses, geofilters, and bitmojis that allow its community to express themselves through Snaps. Lenses are interactive animations that are overlaid on a person’s face or the world around them. Geofilters are artistic filters that can be applied after a Snap is taken at pre-defined times and locations. Bitmojis are cartoon likenesses of a user that are created in the Bitmoji application. Snap was formed in 2010 and is based in Santa Monica, California.


DEAL STATS #
Overall 5 of 18
Sector (Internet Software and Services) 3 of 10
Type (Add-on Acquisition) 5 of 18
State (Ontario) 1 of 1
Country (Canada) 1 of 1
Year (2016) 1 of 4
Size (of disclosed) 5 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2015-09-15 Looksery

Castro Valley, California, United States

Looksery, Inc. is a provider of coding and developing facial mapping algorithm software services.

Buy $150M
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2016-06-03 Obvious Engineering

San Francisco, California, United States

Seene, Inc. is a mobile application that enables users to capture, share and apply 3D content.

Buy -