Tobyn Sowden, CEO of Redbrick
VICTORIA – Redbrick has reached an agreement to purchase cloud-based video creation company Animoto, the third major acquisition in the last four years by the Victoria-based company.
Animoto’s patented Cinematic Artificial Intelligence (AI) technology allows users to turn photos, screen recordings or short clips into branded videos. Over the last 17 years, Animoto has helped clients create videos through drag-and-drop software and their platform supports over 70,000 users breaking into video marketing.
“By acquiring Animoto, we’re making Redbrick’s portfolio stronger and more diverse,” says Redbrick CEO Tobyn Sowden. “This acquisition means we’ve reached $100 million in annualized revenue and nearly 200 team members. “Animoto’s role in Redbrick is really important, as it allows digital entrepreneurs to tap into the power of video, which is the fastest-growing way to reach people online.”
Sowden states Redbrick set its sights on a $100 million revenue goal in 2019 when they moved into their downtown Victoria headquarters.
“This acquisition is also a major milestone for us as we steer our portfolio toward providing support for the digital entrepreneur,” he adds. “Adding Animoto to the Redbrick family is a strategic move to capture software in the video space.”
Animoto’s product joins Redbrick’s current portfolio that includes Leadpages, Delivra, Rebase, and Shift. As part of that lineup, the Animoto team will have access to the company’s marketing expertise and innovative direction.
Business Examiner Staff