Victoria, BC-based Redbrick, which acquires and builds digital companies, is expanding its portfolio with its latest acquisition of American video-creation platform Animoto.
According to Redbrick, Animoto represents its third major acquisition in the past four years and its latest move to expand its portfolio with software that enables digital entrepreneurship. This refers to the practice of operating a company entirely online using digital tools.
Founded in 2011 by CEO Tobyn Sowden, Redbrick’s portfolio comprises companies that offer digital tools for entrepreneurship, such as solutions for productivity, marketing automation, a no-code website-builder, and a lead-generation platform.
“Working with Redbrick will open new doors for Animoto as we continue to grow.”
Last year, Redbrick acquired Indianapolis-based Delivra–a CM Group brand and a provider of automated email-marketing solutions. Redbrick also previously acquired no-code website builder Leadpages, and founded two companies: a productivity tool named Shift as well as browser-development company Rebase.
Redbrick also built a digital publishing platform called Assembly in 2015, which it later sold to St. Joseph Communications last year for an undisclosed amount.
With the addition of Animoto, Redbrick said it will be surpassing $100 million in annualized revenue and reach a global headcount of 200 employees.
“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 said.
Launched nearly 16 years ago in 2006, Animoto uses “cinematic AI technology” in its drag-and-drop software to make it easy for users to turn photos, screen recordings, and short clips into professional videos.
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Animoto previously experienced a data breach in 2018, involving the names, dates of birth, and email addresses of its recorded 22 million users at that time. Currently, the company claims over 70,000 customers and “millions” of users who are using the platform to break into video marketing.
“Working with Redbrick will open new doors for Animoto as we continue to grow, bringing even more innovative features to our customers,” said Brad Jefferson, CEO and co-founder of Animoto. “This acquisition immediately boosts our ability to empower more individuals and small businesses with the most effective and compelling way to tell a story.”
Following the acquisition, Animoto will continue to operate as an independent company within the Redbrick portfolio.
Featured image courtesy Animoto.