Evidently eager to woo advertising and marketing professionals, Canva announced its intention to acquire MagicBrief at the Cannes Lions International Festival of Creativity last week — before the two sides had even signed contracts.
The terms of the part-scrip, part-cash sale have been fully agreed, according to two sources with knowledge of the situation, but the deal has not been formally completed.
One source said the deal’s value exceeds $10 million and that Canva’s shares were priced at the USD32 billion ($49.2 billion) valuation it disclosed last October, rather than the higher USD37 billion valuation set for a secondary sale later this year.
A sale price north of $10 million would align with expectations, given the startup raised $5 million across two seed rounds. Investors included Blackbird, Side Stage Ventures and Archangel Ventures.
