Snapchat pays record $7.7 million for geofilters patent

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The previous record wasn't even half that amount.
The previous record wasn't even half that amount.
Photo: Snapchat

Snap, Inc., the company behind Snapchat, just paid a staggering $7.7 million to acquire a “geofilters” patent and prevent it being snapped up by Facebook.

It is believed to be “by far the highest amount paid” for a single patent in Israel — the previous record was less than half that — and it goes to local firm Mobli.