Canva, the design software company founded in Australia, has announced significant updates to its software suite for its 185 million monthly users, with a focus on expanding into workplace tools. With a valuation of $26 billion and annual recurring revenue of $2.3 billion, Canva has become a major player in the design software industry, with most of the largest companies in the U.S. using its services. The company’s recent changes aim to accelerate its growth in the enterprise sector.
The company’s CEO, Melanie Perkins, described this as “the year of work,” highlighting the impact Canva has had on companies like FedEx, Expedia, and Workday. FedEx was able to reduce brand review submissions by 75% using Canva, while Expedia saves 160 hours a week with its tools. Workday estimated saving 33,000 work hours by using Canva for materials creation. These success stories showcase the real impact Canva is having on businesses.
Canva’s expansion into enterprise tools began in 2019 when it launched its first enterprise suite targeting larger companies. Since then, the company has added features such as user permissions, brand asset management, and higher security standards to cater to the needs of enterprise customers. The new product features announced by Canva allow companies to customize tools for their organization, making it easier for employees to access design templates and other documents.
The rise of generative AI tools has increased the demand for platforms like Canva that offer a wide range of capabilities for businesses. Canva’s Magic Studio AI tools have been used 6.5 billion times since their launch, showing the growing popularity of AI-powered design solutions. Canva’s ability to adapt to changing user demands and consolidate various tools used by businesses is driving its growth in the enterprise sector.
Canva’s recent acquisition of Affinity, a tool for professional graphic designers, positions the company as a direct competitor to Adobe in the creative software market. Canva offers its software for free to nonprofits, students, and teachers, further expanding its user base. The company’s focus on offering a diverse range of features and services reflects its evolution into a mature enterprise software company.
As Canva continues to grow and evolve, its CEO Melanie Perkins envisions reaching a billion users each month. The company’s updated Enterprise offering is seen as a milestone in its growth trajectory, with a focus on catering to a wider range of job functions within companies. By adapting to user demands and offering a consolidated platform for design and workplace tools, Canva aims to solidify its position in the market and continue its trajectory towards becoming a major player in the software industry.
