Autodesk set to acquire video app developer for about $60m

Autodesk is to acquire Socialcam, a developer of an eponymous mobile phone app that lets users create and share video, for approximately $60m (£38m).

This transaction is expected to close in Autodesk’s third quarter of fiscal year 2013, ending 31 October 2012, and is subject to customary closing conditions.

Launched in 2011, Socialcam is a smartphone application and web-based service that makes it easy to capture, edit and share videos. To date, the Socialcam app has enjoyed more than 16 million downloads since it was first launched.

Autodesk has said that it will prioritise 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 technology for professional film and video creators more accessible to a broader audience.