Autodesk acquires Socialcam for $60m

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JAKARTA: Nasdaq-listed engineering and entertainment software company Autodesk Inc., announced on Tuesday that it had signed an agreement to acquire Socialcam in a deal worth about US$60 million.

The transaction is expected to close in the third quarter of 2013, Autodesk said in a written statement.

The acquisition would help the company anticipate the fast changing mobile computing and social media technologies, which have changed the way people design, engineer and create projects, the company said. Socialcam is a smartphone application and web-based service that enables users to capture, edit and share videos.

“Video is an ideal medium for professionals and consumers alike to communicate and share their design ideas. We are excited to have Socialcam join our growing portfolio of applications, services and communities for digital art, personal design and fabrication, home design and entertainment,” Autodesk consumer group vice president Samir Hanna said.

Socialcam founder and chief executive officer Michael Seibel said that Autodesk would help his company to grow its business. “Autodesk has a proven track record of acquiring and scaling fast-growing, early stage consumer businesses while staying true to their core audience and vision. With products like Pixlr, SketchBook and 123D,” Seibel said.

The Socialcam application has been one of the most popular mobile video apps in the iOS App Store and Android marketplaces, with over 16 million downloads since it was first launched in 2011.