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UPDATE 1-Autodesk to buy video-sharing app Socialcam for $60 mln
July 17, 2012 / 1:55 PM / 5 years ago

UPDATE 1-Autodesk to buy video-sharing app Socialcam for $60 mln

* Deal to hurt Q3 EPS by 6 cents

* Acquisition to close in August-October quarter

July 17 (Reuters) - Design-software maker Autodesk Inc will buy video sharing service Socialcam for about $60 million as it looks to beef up its social media line-up.

Autodesk, which makes the AutoCAD design software for architects and designers, said the deal is expected to lower its third-quarter earnings by about 6 cents per share.

The Socialcam application helps users shoot, edit and share videos using their mobile phones.

The company said that the app, available for both Apple Inc’s iOS and Google Inc’s Android platforms, has been downloaded more than 16 million times since its launch in 2011.

“Mobile computing, the cloud and social media are improving and changing the way people design, engineer and create projects,” Samir Hanna, vice president at Autodesk Consumer Group, said.

He said the addition of video capabilities will allow users to communicate and share design ideas.

Last year, Autodesk bought online photo editing and sharing service Pixlr for an undisclosed price.

The company, which competes with Adobe Systems Inc, said it expects the deal to close in the August-October quarter.

In April, Facebook Inc bought Instagram, a two-year-old photo-sharing application developer, for $1 billion, just months before the No. 1 social media website went public.

Shares of the San Rafael, California-based Autodesk were trading flat at $31.51 on the Nasdaq on Tuesday.

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