Canva goes on a buying spree as the AI ​​wave overcomes its competitors

Canva has acquired two Australian-founded technology companies in a deal designed to accelerate its transformation from a design platform to an end-to-end AI work system as the $60 billion company endures one of the most turbulent periods in the history of enterprise software.

The Sydney-based design giant has bought Simtheory, an AI collaboration and agent management platform, and Ortto, a customer data and marketing automation company, for an undisclosed amount of money.

The moves come at a time when AI companies are on the rise in the public markets but traditional software firms are being punished and Canva, which is on the verge of an eventual public listing, is trying to convince the world that it belongs in the former…