3D design and engineering company, Autotech is planning to acquire a mobile social video service Socialcam in a deal valued at about $60 million.
Socialcam, which was launched in 2011, offers smartphone application and Web-based service allowing users to capture, edit and share videos. The application s available on Apple's App Store and Google's Play Store and has been downloaded more than 16 million times since previous year, according to California-based Autodesk.
Samir Hanna, vice president of Autodesk's consumer group said, "Mobile computing, the cloud and social media are improving and changing the way people design, engineer and create projects. Video is an ideal medium for professionals and consumers alike to communicate and share their design ideas."
Autodesk said in a press release that it will offer support for the existing Socialcam community. Socialcam has also said in its blog that the acquisition will not affect the existing customers. It added that the only change will be that the service will not have more resources to grow. Socialcam CEO Michael Seibel said in a statement that the company shares mission with Autodesk to help the world `imagine, design and create a better world'.
Autodesk has said that it expects the deal to be closed by October this year.