Autodesk Signs Agreement to Acquire Socialcam
Autodesk Inc., a world leader in 3D design, engineering and entertainment software, has signed a definitive agreement to acquire Socialcam for a purchase price of approximately $60 Million. Socialcam is a popular mobile social video capture, editing and sharing app and service that was launched in 2011. This 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.
“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.”
Socialcam is a smartphone application and web-based service that makes it easy to capture, edit and share videos. The Socialcam app has been one of the most popular mobile video apps in the iOS App Store and Android marketplace with over 16 million downloads since it was first launched in 2011. 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. 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 shares Autodesk’s mission of helping everybody imagine, design and create a better world,” said Michael Seibel, Founder and CEO, 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. 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. We’re excited to join them and introduce this global community to simple video creation, editing and sharing.”
Business Outlook
For full year fiscal 2013, this transaction is expected to decrease targeted GAAP earnings per diluted share by approximately $0.06 (primarily in the third quarter). Excluding $0.05 of stock-based compensation and $0.01 of amortization of acquisition related intangibles, both net of tax, this transaction is expected to have no impact on targeted non-GAAP earnings per diluted share for the full year fiscal 2013.
Socialcam is a smartphone application and web-based service that makes it easy to capture, edit and share videos. The Socialcam app has been one of the most popular mobile video apps in the iOS App Store and Android marketplace with over 16 million downloads since it was first launched in 2011. 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. 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 shares Autodesk’s mission of helping everybody imagine, design and create a better world,” said Michael Seibel, Founder and CEO, 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. 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. We’re excited to join them and introduce this global community to simple video creation, editing and sharing.”
Business Outlook
For full year fiscal 2013, this transaction is expected to decrease targeted GAAP earnings per diluted share by approximately $0.06 (primarily in the third quarter). Excluding $0.05 of stock-based compensation and $0.01 of amortization of acquisition related intangibles, both net of tax, this transaction is expected to have no impact on targeted non-GAAP earnings per diluted share for the full year fiscal 2013.
