Canva acquiring Leonardo.AI will boost its AI suite for consumers and businesses

In what could prove to be one of the most significant artificial intelligence (AI) acquisitions this year, Canva has completed the deal for Australian generative AI company Leonardo.AI. This will undoubtedly strengthen Canva’s AI suite for consumers, small business and enterprises, as it competes on multiple fronts, including with Adobe, Microsoft and Google. The financial terms of the deal haven’t been disclosed, but for Canva which now has more than 190 million users worldwide, this will add another layer of versatility to its existing tools, including Magic Media.