Canon Inc (ADR) (NYSE:CAJ) has acquired Lifecake, a London-based photo sharing entrant, that is aimed at parents with small kids. The new buy out will help Canon to boost growth in digital consumer services.
Terms of the transaction is not immediately known. According to my opinion, the deal includes retaining of existing employees, the subscriber base, the Lifecake app and its technology.
What is the user base of Lifecake App?
The Lifecake app commands a registered user base of 350,000.
According to Canon, it is a milestone for the company to bolster growth in digital consumer services segment. It plays a vital role in every image being captured irrespective of the device being it a smart phone or another camera of the competitor.
Canon is considering the acquisition as a way to increase its foothold in the Silicon Roundabout of London.
Director of Digital Services Canon Europe Alberto Spinelli told me in the conference hall that the current acquisition is just a beginning. The buyout will help the company to source local flourishing talent and position Canon as a best platform to work for.
Lifecake was established in London by a group of former engineers of Yahoo, Qualcomm and the Skype with a capital of $1.4 million. It offers an app for families that facilitates storing, sharing and organizing of photos to revive the most memorable moments of their loving kids.
The app allows creating timelines for the videos and photos as well. It also sets privacy controls to allow access only to the intended persons. Moreover, you can also make photo books that are printable.
It is a classic mobile talent, which will help Canon in a big way.
During my conversation with Spinelli over the phone, he repeatedly emphasized the users experience with the app that allows easy scrolling and catching of the photo. While citing examples of the knowhow and technology, he said the company will benefit a lot in bolstering its apps and services business.
According to Nicholas Babaian CEO and co-founder Lifecake, Canon Inc (ADR) (NYSE:CAJ) will also contribute its technology like image enhancement features to the app to help save time.