Socialcam One Year In, Acquired By Autodesk for $60 Million
It looks like fresh, new start-ups are being bought out sooner than later. Video sharing app Socialcam was recently acquired by a 3-D design software company, Autodesk.
Socialcam is a spin off of Justin.tv founded by CEO Michael Siebel.
It had been rumoured either Google or Zynga were looking to acquire the quickly growing company, but according to Siebel Autodesk was the right fit.
“Being bought by Autodesk appealed because it came with the promise of staying mostly independent,” Siebel tells All Things Digital. “We loved the opportunity to grow, as opposed to folding into another product or extracting out the pieces.”
It was just back in October 2011 when Siebel decided to step down as CEO of Justin.TV to focus his energy on Socialcam – and that he did do.
It is currently the No. 1 Facebook app , in the top 40 iPhone downloads with approximately 56 million users.
Socialcam and Autodesk are expected to close the deal in 30 days.
Category: Featured, Startups | Tags: acquisition, Autodesk, justin tv, Michael Siebel, socialcam, Startups
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