All in one photo and video editing application Picsart announces that it has acquired artificial intelligence and computer vision company DeepCraft. No information has been provided by Picsart regarding the valuation of this acquisition deal with DeepCraft.
However, according to sources, both cash and stock exchange in the agreement have been in the 7-digit range. With the new acquisition, Picsart will use the expertise of DeepCraft to further enhance its video editing capabilities.
Picsart is already the world’s one of the most popular editing platforms, with over 100 million videos edited every year. DeepCraft’s talented team will ensure that Picsarts users get to see new and advanced editing features.
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Chief Technology Officer and Co-founder of Picsart, Artavazd Mehrabyan, said, “DeepCraft is a unique team of deep technology engineers, and we’ve been working with them to build our core technologies for over a year. As we invest further into our video editing capabilities, we are confident the team will play a significant role in building the platform for the next generation of creators.”
Both the companies have already been working under the same roof for over a year that has let Picsart understand the capabilities of DeepCraft and how it can help Picart grow further. As a part of the acquisition deal, many DeepCraft employees will be joining the Picsart team.
Co-founder and CEO of DeepCraft, Armen Abroyan, will be joining as Director of Engineering for the Core Engineering team, and Co-founder Vardges Hovhannisyan as Picsart’s Principal Engineer.
DeepCraft is Armenia-based research and development company founded in 2017. The firm specializes in developing a wide variety of digital creation and editing tools for professionals and generic users.
Co-founder of DeepCraft, Armen Abroyan, said, “It gives us the resources to uplevel our technology, the ability to apply our collective knowledge on a global scale, and the opportunity to advance innovation in the industry as a whole.” He further mentioned that they are excited to be acquired by the first unicorn company of Armenia, Picsart.
