Home > Tech > Autodesk Buys Socialcam for $60 Million

Autodesk Buys Socialcam for $60 Million

Autodesk has bought video sharing service Socialcam for $60 million.

The deal is expected to close in the third quarter, according to a statement from Autodesk.

Formed 18 months ago as a spinoff from Justin.tv, Socialcam has 54.7 million monthly active users, according to AppData. Meanwhile, competitor Viddy was reported to have 26 million users in early May and carry a valuation of $200 million. Both figures are long way from the $1 billion that Facebook paid for Instagram, the photo-sharing app.

Autodesk is known for 3D design, engineering, and entertainment software. The company currently offers several mobile apps including Autodesk SketchBook Mobile, a “Professional-grade painting and drawing app with a full set of sketching tools,’ and Tinkerbox a game that lets you “create 3D contraptions and solve mechanical riddles.”

In a statement, Samir Hanna, VP, Autodesk Consumer Group, said that, “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.”

Source: http://mashable.com/2012/07/17/autodesk-buys-socialcam/

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