Autodesk Acquires Socialcam For $60M

[Techtaffy Newsdesk]

Autodesk has signed a definitive agreement to acquire Socialcam for approximately $60 million. The transaction is expected to close in Autodesk’s third quarter of fiscal 2013 (which ends on October 31, 2012) and is subject to customary closing conditions.

Samir Hanna (Vice president, Autodesk Consumer Group): Mobile computing, the cloud and social media are improving and changing the way people design, engineer and create projects. Video is an ideal medium for professionals and consumers alike to communicate and share their design ideas.

Socialcam is a smartphone application and Web-based service that makes it easy to capture, edit and share videos. The Socialcam app has over 16 million downloads since it was first launched in 2011.

Autodesk will investing in scaling the platform and developing a more comprehensive set of tools for Socialcam users, says the company.

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