Connect with us

Hi, what are you looking for?

Capital Business
Capital Business

Gadgets & Apps

Snapchat picks London as global HQ outside US

LONDON, United Kingdom, Jan 11 – Snap Inc., which runs smartphone messaging app Snapchat, said Tuesday it had chosen London as its international headquarters, praising the UK’s creative industries.

It comes after Facebook, Google and Apple last year announced major investments in London, underlining the capital’s status as a technology hub as Britain prepares to exit the European Union.

“I am happy to confirm that the UK is the Snap Inc. family’s hub outside the US,” a Snap spokeswoman said.

Snap has around 75 staff in the UK, up from six a year ago and is looking to add a nearby site to its office in London’s Soho district, she added.

“We believe in the UK creative industries,” said Claire Valoti, general manager of Snap’s UK operations, in a statement.

“The UK is where our advertising clients are, where more than 10 million daily Snapchatters are, and where we’ve already begun to hire talent.”

The news was welcomed by the right-wing government of Conservative Prime Minister Theresa May, who is due to trigger Brexit by the end of March.

“The UK continues to be a hugely attractive destination for international investment, including global tech,” a government spokesperson said.

“Our technology industry is central to securing future economic growth and this government is committed to ensuring it continues to thrive.‎”

Advertisement. Scroll to continue reading.

Snap’s UK entity will book revenues from customers in the UK and countries where there is no local entity or sales force. Its only other European entity is in Paris.

The firm behind the popular disappearing message application says it has more than 150 million daily active users, including 50 million in Europe.

In November, Snap Inc. reportedly filed confidential paperwork for a public share offering valuing the messaging platform at more than $20 billion.

The initial public offering (IPO) would be among the biggest in the tech sector in recent years and shine a light on the fast-growing platform.

Snapchat is famous for mobile messages and photos that disappear within seconds after being viewed by the recipient. The free service launched in 2012.

Click to comment
Advertisement

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...

Headlines

NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...

Kenya

NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...

Coronavirus

NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...

Coronavirus

NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...