Autodesk Acquire Socialcam for $60M

By Rory Lidstone July 17, 2012

It seems the last couple of months have been ideal for acquisitions, whether they involve patent portfolios or the outright purchasing of companies. Today marks yet another in the recent trend as 3D design firm Autodesk announced the purchase of Socialcam, the popular smartphone video app.

"Mobile computing, the cloud and social media are improving and changing the way people design, engineer and create projects," Samir Hanna, vice president of the Autodesk Consumer Group, said in a news release. "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 acquisition set Autodesk back $60 million, a far cry from the $1 billion Facebook spent on Instagram, the purchase that sent many companies searching for the "Instagram of video" – a description Socialcam fits very well.

Socialcam, which is an iPhone exclusive, essentially allows users to create, modify with filters and share videos quickly to Facebook, Twitter and YouTube or directly via e-mail or SMS.

The video app made headlines back in April when it attracted four million new users in one weekend, on the heels of becoming the top free app in the Apple App Store during a FreeAppADay promotion. Furthermore, the Washington Post announced that their video coverage of the Summer Olympic Games in London will be done entirely via Socialcam.

"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,” said Michael Seibel, founder and CEO at Socialcam. “We're excited to join them and introduce this global community to simple video creation, editing and sharing."




Edited by Braden Becker

TechZone360 Contributing Writer

SHARE THIS ARTICLE
Related Articles

Mist Applies AI to Improve Wi-Fi

By: Paula Bernier    11/9/2017

Mist has created an AI-driven wireless platform that puts the user and his or mobile device at the heart of the wireless network. Combining machine le…

Read More

International Tech Innovation Growing, Says Consumer Technology Association

By: Doug Mohney    11/8/2017

The Consumer Technology Association (CTA) is best known for the world's largest trade event, but the organization's reach is growing far beyond the CE…

Read More

Broadcom Makes Unsolicited $130B Bid for Qualcomm

By: Paula Bernier    11/6/2017

In what could result in the biggest tech deal in history, semiconductor company Broadcom has made an offer to buy Qualcomm for a whopping $130 billion…

Read More

How Google's 'Moonshot' Could Benefit Industrial Markets

By: Kayla Matthews    10/30/2017

The term "moonshot" encapsulates the spirit of technological achievement: an accomplishment so ambitious, so improbable, that it's equivalent to sendi…

Read More

After Cisco/Broadsoft, Who's Next for M&A?

By: Doug Mohney    10/27/2017

Cisco's trail of acquisition tears over the decades includes the Flip video camera, Cerent, Scientific Atlantic, Linksys, and a couple of others. The …

Read More