Video sharing  app maker Socialcam is being bought  by Autodesk , best known for its professional design software made for engineers, architects and designers. Autodesk is buying the four-member company for $60 million, the two announced today. Socialcam was started in March 2011, completed a stint in the Y Combinator  program, and has been recently been growing legs thanks to YouTube and Facebook.
In a young but competitive market, with peers like Viddy  and Burst , Socialcam scored a recent success, being chosen  by the Washington Post as its social video partner for the upcoming Summer Olympic Games in London.
To keep up with news through the day, visit our Fast Feed  page.