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Market Daily Report: Bursa Malaysia Gives Up Earlier Gains To End Mixed

KUALA LUMPUR, Nov 19 (Bernama) -- Bursa Malaysia gave up earlier gains to end mixed today, amid a higher regional market showing, as property, construction, and healthcare counters attracted buying interests, while plantation, banking, and telecommunication stocks saw some profit-taking, an analyst said. At 5 pm, the FTSE Bursa Malaysia KLCI (FBM KLCI) eased 1.70 points to close at 1,602.34 from yesterday’s close of 1,604.04. The benchmark index, which opened 0.86 of-a-point lower at 1,603.18, moved between 1,601.02 and 1,608.88 during the trading session. However, the broader market was mixed to higher, with gainers leading decliners by 565 to 438 while 502 counters remained unchanged, 961 untraded, and 14 suspended. Turnover narrowed to 2.83 billion units valued at RM2.08 billion versus 2.96 billion units valued at RM2.23 billion yesterday. Rakuten Trade Sdn Bhd equity research vice-president Thong Pak Leng said the benchmark index remained range-bound and it required a dec
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Canva to Acquire AI Startup Leonardo.ai in Bid to Challenge Adobe

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.
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