Snapchat’s parent company Snap has paid $124.4 million to acquire a startup called Fit Analytics, a Berlin-based company that works in the field of apparel and footwear technology.
According to a report from TechCrunch, Snap acquired Fit Analytics in March and now, a filing has put a price tag on that deal. The filing also revealed that Snap spent a total of $204.5 million on acquisitions in 2020.
Leading apparel brands and retailers across six continents, including North Face, Asos, Calvin Klein, Patagonia, Puma and more are using Fit Analytics’ platform to solve sizing at scale and deliver “meaningful bottom-line impact”.
“We are excited to announce that Fit Analytics will become part of Snap. This acquisition will strengthen Fit Analytics’ position as an industry leader in apparel and footwear technology. If you are a Fit Analytics partner, this is only the beginning,” the company had said in a statement.
The Fit Analytics sizing platform combines the world’s largest database of garment and fits information with hundreds of billions of dollars of purchasing records and consumer preferences.
Popular photo sharing platform Snapchat reached 280 million daily active users (DAUs) in the first quarter of 2021, an increase of 51 million or 22 per cent year over year, and it now has more users on Android than iOS.