Snap Looking To Buy Selfie Drones Company For $150-$200 million

The owner of Snapchat, Snap Inc. is looking to close a deal with Zero Zero Robotics, a Chinese company which makes selfie drones. The US company is in contact with Chinese drone maker for finalizing the deal between $150m to $200m according to the sources.

The deal was first reported by information, which said the deal is in the range of $150-$200 million, neither snap nor zero zero robotics confirmed the amount of deal they might meet at when requested by techcrunch.

Zero Zero Robotics is famous for its hover camera drone, the drone is designed specifically to take aerial selfies, the device was launched in October last year and sold exclusively by Apple online as well as in retail stores for $500.

The deal is quite an outlay for Snap, but it perfectly makes sense for Snap to push its hardware business, after launching Snap Spectacles last year, a wearable camera glasses to record videos, Snap is also developing augmented reality technology to upgrade its current version of spectacles.

The company has shown a desire to become a camera and video technology company in the recent years.

According to New York Times report, Snap in the past considered developing its own drones but the technical expertise speciality required for this job made them look around. The company previously acquired Zenly (a social map app) which was the most expensive deal to date, later snapchat app was updated with maps last month in June. The deal was between $250 million to $350 million.

Another deal like that could make or break snap because the company is facing pressure from Wall Street to show significant growth. Following the last deal Snap shares witnessed strong growth, that is why Snap is willing to pay large amount for the product already in the market to boost its financial position.

image via techcrunch