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Reminds me a similar tool by Sensha: Sensha Animator. http://www.sencha.com/products/animator/

Do you know if Google developed the technology themselves or if it is from an acquisition?

It looks like this is based on the Ninja Authoring Tool which is an open source project, but also Google would have gotten as part of their acquisition of Motorola Mobility.

http://arstechnica.com/information-technology/2012/07/ninja-...

https://github.com/mikestowe/ninja

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