(By Balachander) Autodesk Inc. (NASDAQ:ADSK), a maker of design-software, is acquiring mobile video-sharing application Socialcam for around $60 million.
The San Rafael, California-based company expects the deal to reduce its GAAP earnings per share by around 6 cents primarily in the third quarter.
Socialcam, which was launched in 2011, is a smartphone application that lets users to quickly upload and share video from their iPhone and Android mobile devices across social networks, including Facebook Inc. (NASDAQ:FB), Twitter and YouTube. The app has received over 16 million downloads since its launch.
Autodesk said the purchase of Socialcam will accelerate adoption of mobile, cloud & social technologies.
The company intends to use "the Socialcam platform to help make its Academy Award-winning technology for professional film and video creators more accessible to a broader audience."
The company said the deal will be completed in Autodesk's third quarter ending October 31.
Autodesk shares inched up 0.19 percent to trade at $31.42 on Tuesday.