Australian billionaires tease huge announcement after buying up AI firms
Moderated by Tomas Kauer 
Australian tech giant Canva has snapped up two local artificial intelligence (AI) companies as the $60 billion firm looks to drastically expand on its humble beginnings as a creative design tool.
Sydney-based Canva – which made its Rich List co-founders Melanie Perkins, Cliff Obrecht and Cameron Adams multi-billionaires – acquired fellow Australian AI tool Simtheory and marketing automation company Ortto for an undisclosed amount.
The deal brings the number of Canva's AI acquisitions to eight since 2024, with a reported total of $400 million investment made in the rapidly-growing technology so far.
LIVE UPDATES: Donald Trump says Iran wants him to 'keep bombing'
READ MORE: Lydia and Wehan spent $50k on an ex-ambulance van instead of a house
Both Simtheory and Ortto were founded by Sydney brothers Chris and Mike Sharkey, who will join Canva's team.
Chris Sharkey is also the co-founder of booking platform Stayz.
Canva's chief operating officer Obrecht said the acquisition would transform Canva from a design tool to an "end-to-end" work system.
The goal is to allow customers to "ideate, create, edit, publish, measure, and optimise" without ever leaving the Canva website.
"They've built exceptional teams and technology and this acquisition marks an important step towards evolving Canva from a design tool into the system where work happens end-to-end, whether it's a quick idea or a full campaign," Obrecht said.
READ MORE: 'Won at capitalism': Family saves $10k by eating from supermarket dumpsters
Ortto's 40-person team will be folded into Canva's 5500-strong global workforce.
The marketing tool is used by more than 11,000 customers across 190 countries.
Simtheory, meanwhile, will strengthen Canva's existing AI capabilities, the company said.
"Bringing Simtheory into Canva accelerates our evolution into the system where work happens start to finish, and where AI becomes a powerful partner to help move you from an idea to a finished output," a Canva spokesperson said.
The company is expected to make more announcements on how it will use AI at its "Canva Create" conference next week, set to be the "biggest evolution in Canva's history".
Canva staff have teased that the April 16 announcement will be "bigger" than today's news.
READ MORE: 'I wish I could charge $5': New grim reality for Aussie business owners
Canva reached its highest-ever valuation of more than $60 billion last year following an employee share sale in August.
Plans for an initial public offering (IPO) are reportedly on the cards for 2027.
The tech giant bought outdoor advertising firm Doohley in March in a reported $30 million deal.
It also acquired advertising analytics firm MagicBrief and AI video tool MangoAI last year.
NEVER MISS A STORY: Get your breaking news and exclusive stories first by following us across all platforms.
- Download the 9NEWS App here via Apple and Google Play
- Make 9News your preferred source on Google by ticking this box here
- Sign up to our breaking newsletter here
