SAN FRANCISCO (AP) — Software company Autodesk Inc. is buying social video provider Socialcam for approximately $60 million.
Socialcam is a smartphone application and web-based service that lets users record, edit and share videos. The app, launched last year, is one of the most popular mobile video apps in the iOS App Store and Android marketplace with over 16 million downloads since its debut.
Autodesk said Tuesday that it will support the existing Socialcam structure will making further investments to develop more tools for Socialcam users.
The acquisition is expected to lower Autodesk's fiscal 2013 earnings by about 6 cents per share, with most of that occurring in the third quarter. It is expected to have no impacted on full-year adjusted earnings, when excluding a stock-based compensation expense of 5 cents per share and acquisition-related costs of 1 cent per share.
The deal is targeted to close in Autodesk's fiscal third quarter that ends on Oct. 31.
Shares of Autodesk gained 39 cents to $31.78 in afternoon trading.