Never heard about Canva. But checking them out they seem to focus on mobile apps and web apps to edit photos and videos. With a very specific focus on social media influencers. Don't be fooled by the cheeky templates and filters,they are going heavy on AI, with some interesting features such as inpainting and video background removal.

I guess that's either a very lucrative business or they have a ton of VC money behind them. This acquisition gives them some good editors on desktop to use as a base to deploy some of this AI tech focusing on a more pro market.