Victoria-based Redbrick Technologies Inc. has achieved a new milestone with the acquisition of video software company Animoto Inc.
The acquisition, announced Aug. 22, has pushed the B.C. tech firm past the $100-million mark in terms of annualized revenue. It’s the third major acquisition for Redbrick in four years, bringing its international headcount to more than 200 employees.
"By acquiring Animoto, we're making Redbrick's portfolio stronger and more diverse," Tobyn Sowden, CEO of Redbrick, said in a press release.
“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."
Animoto is a cloud-based video creation platform that allows companies to turn screen recordings, photos or short clips into professional videos using AI technology, according to Redbrick.
The cloud-based platform supports 70,000 customers and “millions of users,” said the announcement.
More companies are choosing to utilize video content, according to global animated video production company Wyzowl. An annual video marketing survey from the company concluded 72 per cent of global respondents learn about a product or service through videos. Ninety-one per cent of companies are using video marketing tools in 2023, according to survey results.
“After 16 years as an independent company, Animoto and our customers have a lot to gain by being welcomed into the Redbrick family,” Brad Jefferson, CEO and co-founder of Animoto, said in Tuesday’s announcement. “This acquisition immediately boosts our ability to empower more individuals and small businesses with the most effective and compelling way to tell a story.”
Redbrick set the goal of achieving $100 million in annualized revenue in 2019, according to the release. Since its founding in 2011, it’s acquired Leadpages Canada Inc., and founded portfolio companies Shift Technologies Inc. and Rebase Technologies Inc.
Updated Aug. 22 to clarify that Redbrick founded Shift Technologies and Rebase Technologies.
