Autodesk announced today that it signed a definitive agreement to acquire mobile video sharing app Socialcam for approximately $60 million. The transaction is expected to close by Oct. 31 this year and is subject to customary closing conditions.
Currently the largest Facebook-connected app with 54,700,000 monthly active users according to AppData, Socialcam allows users to create, edit and share videos. By integrating Open Graph, the app shares users’ activity to News Feed when they watch videos or take other actions within the mobile app, website or Facebook canvas app. This led to the app’s rapid rise to the No. 1 spot in May.
The mobile app also ranks No. 38 on AppData’s Top Free Apps on iOS and No. 5 on Top Free Apps Photography Genre in the U.S. The app saw a sharp rise in traffic in mid-April due to its viral sharing mechanics and requirement that users authorize it in order to watch a video, though some critics pointed out traffic was also being drawn in with popular YouTube videos marketed as user-generated content in a Socialcam wrapper. Recently the app has seen a decline in monthly active users, though it’s unclear to what degree this is because the app is not retaining existing users or because of Facebook changing its algorithms or design of News Feed.
Autodesk is known for its design software such as Maya, SketchBook and Pixlr, which makes it an odd buyer for an app like Socialcam.
The acquisition follows Facebook’s pending acquisition of Instagram for $1 Billion in early April and a heightened interest in startups and apps that allow users to create and share video and images on mobile devices. TechCrunch also reported in late April that Socialcam raised a round of seed funding from several well known investors such as Ashton Kutcher, Tim Draper and Yuri Milner.