Wix Acquires Hour One to Expand Generative AI Capabilities and Accelerate Product Innovation

Rhea-AI Summary

Wix (WIX) has announced the acquisition of Hour One, a generative AI media creation company founded in 2019. Hour One's technology enables the creation of studio-quality content at scale through a proprietary cloud-based infrastructure that combines generative AI inference with advanced 3D rendering.

The acquisition strengthens Wix's position in AI-powered digital experiences and brings in-house capabilities for creating personalized video and interactive experiences. Hour One's founders and team will join Wix's headquarters, bringing their expertise in generative AI and media infrastructure. This strategic move aims to reduce Wix's dependence on third-party providers, better manage costs, and accelerate innovation in web creation technology.

Positive

• Acquisition brings advanced generative AI and 3D rendering technology in-house
• Reduces reliance on third-party providers and associated costs
• Gains experienced team with deep technical expertise in AI
• Strengthens Wix's competitive position in AI-powered digital experiences

Negative

• Integration costs and challenges of merging teams and technologies
• Financial terms of acquisition not disclosed

News Market Reaction

-2.41%

1 alert

-2.41% News Effect

On the day this news was published, WIX declined 2.41%, reflecting a moderate negative market reaction.

Data tracked by StockTitan Argus on the day of publication.

NEW YORK-- Today Wix.com Ltd. (Nasdaq: WIX), the leading SaaS website builder platform globally¹, announced its acquisition of Hour One, a pioneer in generative AI media creation. This acquisition marks yet another milestone in Wix’s transformation into a frontrunner in AI-powered digital experiences, giving the company access to advanced technologies that will continue to shape the future of web and visual design creation.

Founded in 2019, Hour One develops technology that enables the effortless creation of studio-quality content at scale. Its platform supports personalized video and interactive experiences that merge storytelling with real-time engagement. At the core of Hour One’s offering is a proprietary cloud-based infrastructure that  integrates generative AI inference with advanced 3D rendering -  a technology that puts Wix on the cutting edge of scalable, high-impact content creation.

“We are excited to expand our knowledge and investment in AI by bringing Hour One into the Wix fold,” said Ronny Elkayam, COO at Wix. “This move reinforces Wix’s position as a leader in the new era of generative AI and fuels our vision to make web creation smarter, faster, and more immersive. We see significant opportunities to accelerate innovation and build experiences the industry hasn’t yet imagined. By bringing these capabilities in-house, we can maintain higher quality and control over rapidly evolving front-end technologies, reduce reliance on third-party providers, and better manage costs.  Most importantly, we are acquiring a team of exceptional talent with deep technical expertise in generative AI and media infrastructure. Together, we’ll push the boundaries of what creators and businesses can do with Wix.”

“Joining Wix is a natural next step in our journey,” said Oren Aharon, Ph.D., Co-founder and CEO of Hour One. “From day one, we’ve been driven by the vision of making high-quality media creation accessible and scalable through AI. With Wix’s global reach, product innovation, and commitment to empowering creators, we’re excited to amplify our impact and shape the next generation of web and content experiences together.”

Founders Oren Aharon Ph.D., Lior Hakim and Arnon Kahani and their team will join Wix at their headquarters, bringing with them years of experience, innovation, and a shared ambition to redefine what’s possible with technology.

About Wix.com Ltd.

Wix is the leading SaaS website builder platform¹ to create, manage and grow a digital presence. Founded  in 2006, Wix is a comprehensive platform providing users - self-creators, agencies, enterprises, and more - with industry-leading performance, security, AI capabilities and a reliable infrastructure. Offering a wide range of commerce and business solutions, advanced SEO and marketing tools, the platform enables users to take full ownership of their brand, their data and their relationships with their customers. With a focus on continuous innovation and delivery of new features and products, users can seamlessly build a powerful and high-end digital presence for themselves or their clients. 

For more about Wix, please visit our Press Room
Media Relations Contact:  PR@wix.com  

¹ Based on number of active live sites as reported by competitors' figures, independent third-party data and internal data as of H1 2024.

FAQ

What company did Wix (WIX) acquire in May 2023?

Wix acquired Hour One, a generative AI media creation company that develops technology for creating studio-quality content at scale.

How will the Hour One acquisition benefit Wix's business?

The acquisition will enhance Wix's AI capabilities, reduce third-party provider dependence, lower costs, and bring in-house expertise in generative AI and media infrastructure.

Who are the founders of Hour One joining Wix?

Hour One's founders Oren Aharon Ph.D., Lior Hakim, and Arnon Kahani, along with their team, will join Wix at their headquarters.

What is Hour One's main technology offering?

Hour One offers a proprietary cloud-based infrastructure that combines generative AI inference with advanced 3D rendering for creating personalized video and interactive experiences.

How will this acquisition impact Wix's AI capabilities?

The acquisition will strengthen Wix's position in AI-powered digital experiences and enable them to create more advanced web and content experiences through in-house technology.