Snapchat chooses London as HQ for global expansion
Snapchat’s IPO could be the largest in history, as parent company, Snap Group Limited, announces London as the base for its international HQ.
Snapchat's UK headquarters will focus on camera hardwareSnap's new UK entity will be called Snap Group Limited, which is intended to refocus attention on the firm as a camera company rather than the owner of a single app. The move into camera hardware was launched last year with the release of Snapchat Spectacles – sunglasses that are able to record short bursts of video and send them to smartphones via Bluetooth. So far, the product is only available in the US, but when it arrives in the rest of the world, the revenue will now be logged in the UK.
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Snapchat reported IPO will be one of the largest in historyFounded in 2011 by the-then 24-year-old Even Spiegel, Snapchat is reportedly now preparing to go public with a valuation of around $25 billion, which would make it one of the largest IPOs in history.Snapchat has enjoyed astronomical growth in recent years years and now boasts more than 150 million daily active users worldwide, around half of whom are based outside the US. Research firm eMarketer has predicted that its ad revenue will be close to hitting $1 billion this year, up from around $367 million in 2016.
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