Canva to Acquire Leonardo.AI

Canva plans to acquire Leonardo.AI, a generative artificial intelligence content and research company for generating images and videos. Financial terms of the deal were not disclosed.

Canva will incorporate Leonardo's technology into the Canva Magic Studio, the company's suite of AI tools for everything from summarizing documents to creating images and turning brainstorm whiteboards into presentations.

"We're thrilled to welcome Leonardo.AI< to Canva. [We're] two Australian companies joining forces to bring world-first breakthroughs in AI and creativity," said Cameron Adams, co-founder and chief product officer of Canva, in a statement. "This field is constantly evolving, and Leonardo's technical leadership and community impact can't be overstated. Bringing our worlds together will accelerate each of our teams' work, taking us from strength to strength, and we can't wait to get started."

"Today marks the start of a new chapter which will accelerate the pace we innovate at Leonardo.Ai," said JJ Fiasson, founder and CEO of Leonardo.AI, in a statement. "Joining the Canva family means we can invest more deeply in scaling our AI research efforts globally and move even faster to deliver new features and functionality to creatives worldwide."