Design software company Autodesk Inc. paid $60 million for Socialcam, a mobile social video capture, editing and sharing app. Socialcam was launched in 2011. The deal is expected to close during the third quarter.
Autodesk Inc., ADSK -0.64% 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.”
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.
Autodesk, Inc., is a leader in professional and personal 3D design, engineering and entertainment software. Autodesk tools help unlock the creativity in everyone, from children and hobbyists to design and engineering professionals. Customers across the manufacturing, architecture, building, construction, digital art and entertainment industries, including the last 17 Academy Award winners for Best Visual Effects, use Autodesk software, mobile apps, cloud services and communities to design, visualize, simulate and communicate their ideas. For more information follow @autodesk or visit autodesk.com.
Safe Harbor Statement
This press release contains forward-looking statements that involve risks and uncertainties, including statements regarding: the impact of the acquisition on Autodesk’s financial results, business performance and product and services offerings; Autodesk’s commitments to Socialcam’s community; the impact of the combined product capabilities and how Autodesk’s products and services will evolve and change and the integration of Socialcam’s products into Autodesk products. Factors that could cause actual results to differ materially include the following: Autodesk’s ability to timely close the acquisition of Socialcam and integrate Socialcam technology and employees; costs related to the proposed acquisition; whether certain market segments grow as anticipated; the competitive environment in the software industry and competitive responses to the acquisition; our success developing new products or modifying existing products and the degree to which these gain market acceptance; general market and business conditions; general market, political, economic and business conditions; failure to maintain our revenue growth and profitability; our performance in particular geographies, including emerging economies; the timing and degree of expected investments in growth opportunities; pricing pressure; failure to achieve continued cost reductions and productivity increases; changes in the timing of product releases and retirements; failure of key new applications to achieve anticipated levels of customer acceptance; failure to achieve continued success in technology advancements; interruptions or terminations in the business of our consultants or third party developers; the expense and impact of legal or regulatory proceedings; and unanticipated impact of accounting for acquisitions.
Further information on potential factors that could affect the financial results of Autodesk are included in the company’s annual report on Form 10-K for the year ended January 31, 2012, and Form 10-Q for the quarter ended April 30, 2012, which are on file with the Securities and Exchange Commission. Autodesk does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
Autodesk, AutoCAD , SketchBook, 123D and Pixlr are registered trademarks or trademarks of Autodesk, Inc., and/or its subsidiaries and/or affiliates in the USA and/or other countries. Academy Award is a registered trademark of the Academy of Motion Picture Arts and Sciences. All other brand names, product names or trademarks belong to their respective holders. Autodesk reserves the right to alter product and services offerings, and specifications and pricing at any time without notice, and is not responsible for typographical or graphical errors that may appear in this document.