Software major Adobe has acquired Bengaluru-based AI-driven video creation startup Rephrase.ai, in its first generative AI and Indian startup acquisition.
The deal size couldn’t be ascertained.
The acquisition will also include absorbing the majority of Rephrase.ai’s employees. The founders too will be working closely with the software company going ahead. Rephrase.ai as of now has a team of about 45 employees, people privy to the details told Moneycontrol.
Through this deal -- Adobe which develops popular editing software including Photoshop, Premiere Pro, and Illustrator to name a few -- will be able to expand its generative AI video capabilities including in-house video-editing platform, Creative Cloud.
Rephrase.ai offers text-to-video generation platforms and tools. It has over 50,000 users.
“A huge shoutout to our team - our technology teams for pushing the frontiers of AI, and our business teams for writing a playbook to sell GenerativeAI in India. Your dedication and hard work have been everything to us, and the company. This is your success, and nobody else's,” Shivam Mangla, co-founder at Rephrase.ai said on Twitter,
Responding to Moneycontrol’s queries, an Adobe spokesperson said, “Adobe has a strong track record of accelerating growth through both organic and inorganic innovation. We are always on the lookout for new talent and technology that supports our strategy and creates more value for our stakeholders.”
The development was first reported by the Economic Times.
Rephrase.ai was founded in 2019 by IIT alumni Ashray Malhotra, Nisheeth Lahoti, and Shivam Mangla.
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