Snap Inc has agreed to buy a geofilter patent from Instagram competitor Mobli for $7.7 million, according to reports by TechCrunch and other technology news websites.
It is thought Snap wanted the patent to protect itself from future litigation.
TechCrunch reported that Mobli patented the idea of Geo-photo filters in 2012 — but Mobli co-founder Moshe Hogeg has now sold Mobli’s geofilters patent to Snap for $7.7 million.
This is believed to be the highest amount paid for a patent from the Israeli tech industry.
TechCrunch reported that the sale had been confirmed in an email to Mobli’s 100 shareholders and obtained by TechCrunch in the form of a screen grab.