Snap Inc.

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Snap Inc.

logo
legal form Incorporated
ISIN US83304A1060
founding September 16, 2011
Seat Venice , United States
management Evan Spiegel ( CEO ), Bobby Murphy ( CTO ), Imran Khan ( CSO )
Number of employees 3,195 (end of 2019)
sales 1,715,000,000 USD (2019)
Branch Social media
Website snap.com
As of December 31, 2019

Snap Inc. (formerly Snapchat Inc. ) is an American multinational technology and social media company based in Venice , California . The products include the instant messaging service Snapchat and the Spectacles glasses presented on September 24, 2016 .

history

The company was founded on September 16, 2011 by Evan Spiegel and Bobby Murphy under the name Snapchat. The successful camera app for sharing pictures made the company grow rapidly until 2016.

In November 2013, it was reported that Snapchat had turned down a $ 3 billion offer from Facebook to buy the company.

In September 2016, with the introduction of the " Spectacles ", the company also changed its company name to Snap. The Wall Street Journal also reported in September 2016 that Snap Inc. could be worth between $ 16 billion and $ 22 billion. On November 15, 2016, it was announced that the company had filed for an IPO with the US Securities and Exchange Commission. In December 2016, the media reported that Snap wanted to open a development department in Shenzhen , China , in order to further develop the “Spectacles” camera glasses.

In January 2017, the company announced that it would be building its international headquarters in London , UK . At the beginning of February 2017, the official announcement of an IPO in 2017 followed, which, according to press reports, should bring in up to 3 billion US dollars for the company.

Since March 2, 2017, the company has been traded on the New York Stock Exchange under the name SNAP . Founders Evan Spiegel and Bobby Murphy attended the opening of the share. It received a valuation of around $ 34 billion when it went public. According to observers, this is happening at a time when the Snapchat service is facing increasing competition from Facebook.

Investors

Since its inception, the company has raised $ 2.65 billion in investment capital as of January 2017:

  • May 2012: $ 485,000 - lead investor Lightspeed Venture Partners
  • February 2013: $ 12.5 million - Lead investor Benchmark Capital
  • June 2013: US $ 60 million - Lead investor Institutional Venture Partners (with Tencent from China as a silent investor)
  • June 2013: $ 20 million bond
  • December 2013: $ 50 million - Lead investor Coatue Management
  • December 2014: $ 485 million - lead investor Kleiner Perkins Caufield & Byers
  • March 2015: $ 200 million - lead investor Alibaba
  • July 2015: amount unknown - lead investor Glade Brook Capital Partners
  • May 2016: approx. 1.8 billion US dollars - investors included previous investors

Acquisitions

Since it was founded in 2011, Snap has acquired the following companies:

  • May 2014: AddLive (for 30 million US dollars) - video technology start-up
  • December 2014: Vergence Labs (for $ 15 million) - maker of a glasses camera
  • December 2014: Scan.me (for 50 million US dollars) - provider of QR scanning app and iBeacon technology
  • September 2015: Looksery (for $ 150 million) - Selfie - animation software
  • March 2016: Bitstrips (for $ 100 million) - app for creating cartoon avatars
  • June 2016: Obvious Engineering (taken over for an unknown amount) - Provider of the 3D image service " Seene "
  • August 2016 Vurb (for 110 million US dollars) - App provider with focus on "mobile search"
  • December 2016: Flite (taken over for an unknown amount) - ad technology provider
  • December 2016: Cimagine Media (for 30 million US dollars) - provider of an augmented reality platform

Products

The company's main product is the instant messaging service Snapchat, which specializes in the exchange of images. Since 2016 Snap has been supplying the wearable “Spectacles” camera in the form of sunglasses, initially only in the USA. Short video sequences can be recorded with the glasses and distributed directly via Snapchat.

Litigation with Reggie Brown

In February 2013, Reggie Brown sued Spiegel and Murphy. Brown said he was originally the sales manager and had the idea for the service he named Picaboo. He also stated that he designed the mascot and had the idea for today's company name. Brown's attorneys exposed documents alleged to be a collaboration between Spiegel and Murphy, but Snapchat described the lawsuit as worthless and Brown's tactics as blackmail. During the process, Brown testified that he believed he was an equal partner and that he agreed to share costs and profits. Spiegel, on the other hand, described Brown as an unpaid intern with useful experience. Also, Murphy said he never fully understood what Brown's role at the company was, but considered him to be an intern. Months later, Spiegel dismissed the process as an example of opportunists seeking fast-growing companies to capitalize on their hard work.

On September 9, 2014, the owners of Snapchat announced that the lawsuit against colleague and former friend Reggie Brown had been closed with a settlement for an undisclosed amount. In the process, they would have admitted to Brown that they had the original idea of ​​Snapchat. Spiegel was quoted in the press release: “ We are pleased that we have been able to resolve this matter in a manner that is satisfactory to Mr. Brown and the Company. We acknowledge Reggie's contribution to the creation of Snapchat and appreciate his work in getting the application off the ground. "(" We are glad that we were able to resolve this matter in a way that is satisfactory to Mr. Brown and the company. We recognize Reggie's contribution to the development of Snapchat and appreciate his cooperation, the app from the ground up to have designed. ")

Web links

Individual evidence

  1. ↑ Biz Carson, Alex Heath: Meet the secret power players who run Snapchat. In: BusinessInsider. September 28, 2016. Retrieved January 9, 2017 .
  2. ↑ a b Annual Report 2019. In: https://investor.snap.com/financial-information/sec-filings . Snap Inc., accessed June 7, 2020 .
  3. ↑ Elisabeth Oberndorf: Snapchat introduces its smart video glasses. GründerSzene, September 26, 2016, accessed on September 28, 2016 .
  4. ↑ Michael Kroker: The history of Snapchat - from April 2011 to January 2016. In: blog.wiwo.de. Wirtschaftswoche, February 11, 2016, accessed on January 9, 2017 .
  5. ↑ Snapchat rejects a billion-dollar offer from Facebook. In: Welt.de. Welt, November 14, 2013, accessed January 9, 2017 .
  6. ↑ a b Jan Hauser: Snapchat will soon be selling video glasses and is now called differently. FAZ, September 26, 2016, accessed on September 28, 2016 .
  7. ↑ WSJ.MAGAZINE: Snapchat Releases First Hardware Product, Spectacles. WSJ, September 24, 2016, accessed on September 28, 2016 .
  8. ↑ IPO process started. t3n.de, November 16, 2016, archived from the original on November 16, 2016 ; accessed on November 16, 2016 .
  9. ↑ Parent company opens development office in China. In: Computerbild.de. ComputerBild, December 22, 2016, accessed January 9, 2017 .
  10. ↑ Jonathan Shieber: Snap crosses the pond and makes a home in the UK. In: techcrunch.com. TechCrunch, January 10, 2017, accessed January 10, 2017 .
  11. ↑ Snap plans billion dollar IPO. In: Handelsblatt.com. Handelsblatt, February 2, 2017, accessed on February 3, 2017 .
  12. ↑ From the stand to 35 billion - Snap makes a brilliant stock market debut. N-tv , March 2, 2017, accessed March 3, 2017 .
  13. ↑ Henning Jauernig: Flash analysis of the IPO - risky bet on the next big snap. Spiegel Online , March 2, 2017, accessed March 3, 2017 .
  14. ^ Henning Jauernig, Stefan Schultz: Snap in the crisis - Zuckerberg's revenge. Spiegel Online , February 11, 2017, accessed March 3, 2017 .
  15. ^ Snap, Inc. - Funding. In: crunchbase.com. Crunchbase, accessed January 9, 2017 .
  16. ↑ Steven Millward: Snapchat now has a friend in Asia with Tencent investment. In: techinasia.com. Tech in Asia, November 21, 2013, accessed January 9, 2017 .
  17. ↑ Ingrid Lunden: Snapchat raised $ 1.8B in a Series F round; leaked deck reveals revenues, user numbers. In: techcrunch.com. TechCrunch, May 26, 2016, accessed January 9, 2017 .
  18. ^ Snap Inc. Acquisitions. In: crunchbase.com. Crunchbase, accessed January 9, 2017 .
  19. ^ The Billion Dollar Battle for Snapchat. February 25, 2014, archived from the original on August 23, 2016 ; accessed on August 21, 2016 .
  20. ↑ Photos, Texts, And Emails Show The Alleged Betrayal At The Heart Of Snapchat. Retrieved August 21, 2016 .
  21. ↑ Billy Gallagher: The Snapchat Lawsuit, Or How To Lose Your Best Friend Over $ 70 Million. In: TechCrunch. Retrieved August 21, 2016 .
  22. ↑ These Leaked Videos Could Lead To A Huge Payday For Ousted Snapchat Co-Founder. Retrieved August 21, 2016 .
  23. ↑ SNAPCHAT LAWSUIT VIDEOS: After A 37-Second Pause, Snapchat's CEO Describes Regrets About The Friend He Ousted. Retrieved August 21, 2016 .
  24. ↑ a b Snapchat and Reggie Brown Resolve Dispute | Business Wire. In: www.businesswire.com. Retrieved August 21, 2016 .

Coordinates: 33 ° 59 ′ 16.8 ″  N , 118 ° 28 ′ 22.8 ″  W.