Autodesk has entered a definitive agreement to acquire Socialcam, with the transaction expected to close in the third fiscal quarter, ending October 31, 2012.
Socialcam is claimed to have passed 16 million downloads across iPhone and Android devices since it launched in March 2011.
Competing with the likes of Viddy, Chill and Vyclone, Socialcam aims to become the "Instagram of video" by allowing users to easily capture and share video on social networks, such as Facebook and Twitter.
Users can choose from nine different filters, such as 'Kodak' and 'Grunge', to apply to their videos, as well as pick from nine pre-set themes, including 'News' and 'Travel', along with ten music tracks.
Unlike Viddy, Socialcam does not place a limit on length of clips, which the company says gives users more freedom on what they want to shoot. All videos are stored in the cloud by the company.
Autodesk said that it will now support the existing Socialcam community, while also "investing in scaling the platform and developing a more comprehensive set of tools for Socialcam users".
The 3D design company further plans to use the Socialcam platform to make its Academy Award-winning visual effects technology - used in films such as Avatar, The Curious Case of Benjamin Button and Inception - available to more professional and amateur video makers.
"Mobile computing, the cloud and social media are improving and changing the way people design, engineer and create projects," said Samir Hanna, the vice president of Autodesk Consumer Group.
"Video is an ideal medium for professionals and consumers alike to communicate and share their design ideas.
"We are excited to have Socialcam join our growing portfolio of applications, services and communities for digital art, personal design and fabrication, home design and entertainment."
> Viddy, Socialcam vie to become 'Instagram of video'
Michael Seibel, the founder and chief executive of Socialcam, added: "Socialcam shares Autodesk's mission of helping everybody imagine, design and create a better world
"Autodesk has a proven track record of acquiring and scaling fast-growing, early stage consumer businesses while staying true to their core audience and vision.
"With products like Pixlr, SketchBook and 123D, Autodesk is empowering creativity in millions around the world by making their award-winning technology accessible to everybody. We're excited to join them and introduce this global community to simple video creation, editing and sharing."