Snap to buy augmented reality company WaveOptics for over $500 million

FILE PHOTO: A woman stands in front of the logo of Snap Inc on the floor of the New York Stock Exchange (NYSE) in New York City, NY, U.S. March 2, 2017. REUTERS/Lucas Jackson

(Reuters) - Snap Inc said Friday it will acquire WaveOptics Ltd, a British augmented reality (AR) technology company, for over $500 million.

The deal, first reported by The Verge and confirmed by a Snap spokesman, will help the owner of photo messaging app Snapchat push its way into a future where AR eyewear could be ubiquitous.