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Canva has just announced a new acquisition - Leonardo AI. The company, known for its popular image editing software, has not disclosed the financial details of the deal but has confirmed that Leonardo AI will continue to operate independently.
Leonardo AI specializes in AI-based design technology, as per Canva's announcement. With a team of 120 developers, designers, and researchers, the company will maintain its autonomy in developing AI tools. Customers who use Leonardo AI's software can rest assured that there will be no changes to the current tool package.
Based in Australia, Canva has been on an acquisition spree in recent years, adding companies like Pixabay, Pexels, Smartmockups, and most recently Affinity to its portfolio. The company's image editing program, which features generative AI capabilities such as Magic Studio, reportedly generates an annual revenue of $2 billion and boasts over 180 million monthly users worldwide, as per Forbes.
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