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Autodesk to acquire Socialcam for $60M

Business Journal Staff Report
Tuesday, July 17, 2012, 1:01 pm
Categories: Industry News, Marin Report, North Bay News, Social Media, Technology, Top News Item, Top News Stories | No Comments

SAN RAFAEL — Design, engineering and entertainment software developer Autodesk Inc., (Nasdaq: ADSK) today said it signed a deal to purchase Socialcam, a year-old creator of a video capture, editing and sharing mobile app and cloud sharing service, for about $60 million.

The deal is expected to be completed in Autodesk’s fiscal third quarter, ending Oct. 31, subject to customary closing conditions.

Socialcam launched last year and has garnered 16 million-plus smartphone app downloads.

“Mobile computing, the cloud and social media are improving and changing the way people design, engineer and create projects,” said Samir Hanna, vice president, Autodesk Consumer Group. “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.”

 The Socialcam smartphone app has been one of the most popular mobile video apps in the iOS App Store and Android marketplace, with more than 16 million downloads since it first appeared in 2011.

Autodesk (www.autodesk.com) said it will prioritize support for the existing Socialcam community, while investing in scaling the platform and developing a more comprehensive set of tools for users.

The San Rafael-based company said it also plans to use the Socialcam platform to help make its technology for professional film and video creators more accessible to a broader audience.

“Socialcam shares Autodesk’s mission of helping everybody imagine, design and create a better world,” said Michael Seibel, founder and CEO of Socialcam (www.socialcam.com). “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, Autodesk is empowering creativity in millions around the world by making their award-winning technology accessible to everybody.”

The transaction is expected to reduce fiscal 2013 earnings by 6 cents per share, mostly in the third quarter, but not affect pro-forma earnings for the fiscal year.

The price of Autodesk stock rose 54 cents a share Tuesday to $31.93.


Link to article: http://www.northbaybusinessjournal.com/57880/autodesk-to-acquire-socialcam-for-60m/

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