Snapchat Plays Defense Against Apple's New Memoji

As it turns out, Snap (NYSE: SNAP)was on to something when it acquired Bitstrips, the maker of Bitmoji personalized avatars, in March 2016. When Snap went public last year, it disclosed in its prospectus that it paid approximately $64.2 million for the Toronto-based developer, which consisted of $46.

6 million in cash and $11.6 million in stock in addition to assuming $6 million in accrued expenses and other liabilities. That was much less than the $100 million price tag that was reported at the time.