Background: Canva is the Aussie-born design platform founded in 2013 that even made lawyers and accountants feel like graphic designers. It's now valued at around $60 billion AUD, making it one of Australia's most valuable private companies. Over the past few years, Canva has been on an acquisition rampage - snapping up six AI companies since 2024. And, it's clearly not slowing down.

What happened: Now, Canva has added two more acquisitions to the list: Simtheory and Ortto, which both happen to be owned by the same founders (who are also brothers). Ortto focuses on marketing automation, while Simtheory builds workflows for AI agents.

What else: Altogether, these eight acquisitions are believed to have cost Canva over $400 million as it re-positions itself as an AI company, not just a traditional software platform. Because in today's world, being "AI-first" is the narrative investors want to hear.

What's the key learning?

💡 Acquisitions aren't always about growth, it's also often about re-positioning. Before an IPO, companies focus heavily on shaping how investors perceive them. This is known as pre-IPO positioning, where storytelling matters just as much as financials.  

💡 Pre-IPO positioning is about giving investors confidence in the future potential of the company. For Canva, leaning into AI helps strengthens its growth narrative and distinguish its potential from its underperforming SaaS competitors.  

💡 Figma, Canva's arch rival, has seen its market value fall 80% post-IPO and Adobe has seen its shares plummet 37% over the past 12 months. So clearly, Canva is working hard to be seen as an AI opportunity, instead of just another SaaS player ahead of a potential 2026 IPO.