Autodesk to buy Facebook favorite Socialcam for $60M
The 3D software company will acquire the social video sharing app for $60 million.
Autodesk has signed an agreement to acquire Socialcam, the popular Facebook video-sharing app, for approximately $60 million, the two companies revealed today.
Autodesk, a company that creates 3D design, engineering, and entertainment software, will focus on helping the startup grow. This transaction is expected to close soon.
"Autodesk will prioritize support for the existing Socialcam community, while investing in scaling the platform and developing a more comprehensive set of tools for Socialcam users," the company said in a press release. "Autodesk also plans to use the Socialcam platform to help make its Academy Award-winning technology for professional film and video creators more accessible to a broader audience."
Socialcam is an app and Web-based service that allows users to record, edit, and share videos easily. Sinceit launched in March 2011, the apps have had 16 million downloads in both the iOS and Android markets. Socialcam has an easy upload process -- the video begins to upload as soon as you start recording -- and is smoothly integrated with Facebook.
All Things D points out that the company was not on the market for long, a sign of the social app's success and potential.
The Socialcam crew seems excited about the purchase, noting Autodesk's stealthy reputation.
"If you haven't heard of Autodesk, that's probably because the company is best known for its professional tools for design and visualization. But their mission is to help everybody imagine, design and create a better world," the company wrote in its blog. "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. Recently, with products like SketchBook and Pixlr, they're making their award winning technology accessible to millions of people around the world through intuitive web, mobile and social platforms. We fit in right there--helping people around the world capture, create, view and share video in real time, wherever they are."