17 Jul 2012

In what could be viewed as an odd move, Autodesk, known for CAD software has agreed to buy Socialcam.  The deal is worth about $60 million according to both companies.  The deal is expected to close within 30 days.

Socialcam plans to continue to operate mostly on their own but with the backing of Autodesk.

Socialcam is the number one application on Facebook with 3.7 million daily active users and 56 million active users according to AppData.  The numbers had been trending downward recently, however.  Socialcam has a small staff of only four employees which rely on the scaling ability of Amazon Web Services.

Socialcam had been targeted by others such as Zynga and Google until this move.

CEO Michael Seibel stated he liked the Autodesk acquisition because it let them remain independent and that "We loved the opportunity to grow, as opposed to folding into another product or extracting out of the pieces."

Socialcam was launched in March 2011 as a mobile project within live video start-up Justin.tv.  Justin.tv was becoming more of a gaming video site and Seibel took Socialcam through the Y Combinator program which had backed Justin.tv in the past.

Things started out as Socialcam being another Instagram for video, until earlier this year when Socialcam usage skyrocketed.  Facebook turned on some of the Open Graph features and Socialcam has started featuring YouTube content, all within the boundaries of Facebook and YouTube's public API's.

Socialcam has more than 30 investors including many Silicon Valley entrepreneurs and some Hollywood names.

Source:  techcrunch


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