Snap, the company behind the Snapchat application, is taking over WaveOptics, a U.K.-based supplier of waveguides for smart glasses, according to a report last week by The Verge. Evan Spiegel, CEO of SNAP, later confirmed the acquisition, adding that the company had been working with WaveOptics for many years. Both companies have agreed on a price tag of more than $500 million paid in two instalments, with half of the amount in stock now and the other half in two years either in cash or stock. As previously reported, WaveOptics is the AR partner of Luxexcel for 3D-printer prescription lenses.

Just a few days before, Snap had presented Spectacles, its first AR reality glasses with integrated AR displays into the lens. The new product is, however, not available for purchase but provided only to a selection of AR special effects creators already using Snapchat.