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November 24, 2013 1:32 pm

Apple Closes Deal to Acquire Israel’s PrimeSense for $350 Million

avatar by Zach Pontz

A Kinect sensor device. Photo: Wikipedia.

Tech giant Apple Inc. and Israel’s PrimeSense closed a deal on Friday that will see the acquisition of the latter company for between $300-350 million, Globes reported.

Earlier in the week it surfaced that the two had agreed to a deal worth $345 million, but neither company was willing to confirm the reports. This is the second time a deal, or near-deal, between the two companies has been reported. This past summer it was reported that the two were in intense negotiations over a possible Apple acquisition.

PrimeSense made its reputation as the developer of the Kinect 3D system for Microsoft. Since then, it has developed 3D sensors for consumer electronics, cars, game devices, digital signage, medical devices, and more. According to the Times of Israel, the company’s sensors are installed in over 20 million devices.

The start-up’s five founders are expected to rake in $50-85 million from the acquisition.

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