Snap Inc. is based in the US and is one of the multinational technology and social media companies. It was founded on September 16, 2011 by Evan Spiegel and Bobby Murphy and its address is in Venice, Los Angeles, USA.
Its social media services are Snapchat and Spectacles as well as Bitmoji app. The company’ original name was Snapchat Inc. upon its initial introduction to the virtual market and later was re-branded in September 24, 2016 as Snap Inc. in order to merge the Spectacles product in just one business.
|Formerly called||Snapchat Inc. (2011-2016)|
|Traded as||NYSE: SNAP|
|Industry||Technology Social media|
|Founded||16 September 2011|
|Founders||Evan Spiegel, Bobby Murphy|
|Owner||Evan Spiegel and Bobby Murphy (each with 21.8% controlling equity; 70% voting power)|
Key Executives for Snapchat, Inc.
|Mr. Evan Spiegel||Co-Founder, Chief Exec. Officer, Pres and Director|
|Mr. Robert Murphy||Co-Founder, Chief Technology Officer and Director|
|Mr. Imran T. Khan||Chief Strategy Officer|
|Mr. Timothy Sehn||Sr. VP of Engineering|
|Mr. Andrew Vollero||hief Financial Officer|
The company was initially founded by Evan Spiegel and Robert “Bobby” Murphy along with the initial relaunch of Picaboo as Snapchat (the original name of Snap Inc.). Also in December 2013, Emily White, who had formerly been a high-profile executive in Facebook, Instagram, and Google, was hired as COO.
By January 2014, Mark Zuckerberg had negotiated to the company to acquire its major shares and to buy Snapchat and its assets, but Spiegel refused saying that short-term trading and negotiation was not interesting. In May 2014, the company continuously expands its service by acquiring the software AddLive and reached an agreement with the Federal Trade Commission (FTC). In December of the same year, the company acquired Vergence Labs for $15 million in cash and stock, which is the developer of Epiphany Eyewear, and mobile app Scan.
In May 2015, the company had moved from its original headquarters (hq) to an office complex near Venice Beach, CA. Snapchat Inc., along with Whisper and Tinder were the first prominent social media companies that were established in this area making them recognized by The New York Times in its article saying because of its establishment with a total of 1,900 employees, Snapchat Inc. had already changed the face of Venice.
Snapchat Inc. Products
When it was recognized around the world and up to now, people are creative to use their social media app Snapchat on their pictures with different expressions and themes. This is the company’s aim i.e. to develop and maintain the image messaging and multimedia mobile app Snapchat, as well as developing and manufacturing the wearable camera called Spectacles in the app. Spectacles is a pair of smartglasses that connect to the user’s Snapchat account and records videos in a circular video format which is adjustable to any orientations. Last February 20, 2017, Snap Spectacles became available for purchase online to the public. Hence, Snap Inc. has been tremendously raising and capitalizing its business opportunities around the globe and was able to raise $485,000 in its seed round and an undisclosed amount of bridge funding from Lightspeed Ventures.
This signifies Snap is not only limited to its original offering of camera application that helps people communicate through exchange of pictures and videos. The Wall Street Journal reported that Facebook offered to acquire Snapchat for $3 billion, but Spiegel declined the cash offer. Interested multi-million firms are closely negotiating to group theirselves with Snap. And they are also interested to buy shares in Snap. Because of this, Snap stocks standing is reaching to a ceiling.