The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
Canva Inc is set to acquire image generation startup Leonardo.ai, marking its second acquisition this year as it aims to compete with creative software leader Adobe Inc.
This deal will allow Canva to integrate Leonardo.ai’s video and image generation models into its own products. The acquisition, finalized in about a month, is Canva’s fastest to date, according to co-founder Cameron Adams. This follows Canva's recent acquisition of the Affinity suite of software, popular with Apple Inc Mac users.
Leonardo.ai, founded in 2022 and backed by Canva investor Blackbird Ventures, raised $31 million last year. Its 120-person team develops software that helps users generate and edit images online using text prompts. Over the past 18 months, users have created over a billion images on its platform.
Canva, valued at $26 billion this year, is expanding its AI tools to attract Adobe’s enterprise customers and boost revenue growth. Canva’s recent acquisitions include visual AI startup Kaleido.ai and image providers Pexels and Pixabay.
Founded a decade ago by Cameron Adams, Cliff Obrecht, and Melanie Perkins, Canva has grown into a major competitor to Adobe. Despite Adobe’s addition of AI features, its shares have dropped over 10% this year after a $20 billion deal to acquire Figma fell through.
Canva has long been viewed as a potential candidate for going public but has not disclosed any concrete plans. The company recently completed a $2.5 billion secondary share sale, according to COO Obrecht.
Key Takeaways:
- Canva acquires Leonardo.ai to enhance its AI capabilities.
- The deal was finalized in about a month, Canva’s quickest acquisition yet.
- Leonardo.ai’s team of 120 focuses on AI image and video generation.
- Canva aims to attract Adobe’s enterprise customers with new AI tools.
- Canva has acquired eight companies, including Affinity and Kaleido.ai.
Comments
Post a Comment