Publicly-traded images giant Shutterstock has obtained PicMonkey, a Seattle startup founded 9 many years ago that supplies on the net picture enhancing and graphic style and design equipment.
Shutterstock compensated $110 million in hard cash for the deal, which will lead about 3{2314869492d9d01706cc1ebeadc083fe92a94822c6c907a51340ff5177337a00} to the company’s yearly revenues and include more than 200,000 subscribers.
Shutterstock, which went community in 2012, described income of $189.9 million for its next fiscal quarter this 12 months, up 16{2314869492d9d01706cc1ebeadc083fe92a94822c6c907a51340ff5177337a00}, and 321,000 subscribers, up 44{2314869492d9d01706cc1ebeadc083fe92a94822c6c907a51340ff5177337a00}.
The New York-primarily based organization launched approximately two decades ago. It is recognized as a world-wide service provider of inventory images but also provides innovative resources and new music/online video clips.
Shutterstock explained integrating PicMonkey will “further empower our clients, irrespective of their skill level or knowledge, to create stunning, finest-in-class material with performance and ease in just a few clicks.” It estimates the industry prospect for creative computer software and style and design equipment at $8 billion.
Launched in 2012, PicMonkey targets tiny corporations and makes with its suite of cloud-primarily based equipment. The company said 10 billion images have been produced on its system. PicMonkey’s products will continue on to exist for now its stock pictures will now be offered by Shutterstock.
PicMonkey employs about 50 people today all have been offered equivalent or superior roles with Shutterstock. The startup lifted $41 million in 2015 from Spectrum Fairness. It is at the moment led by CEO Frits Habermann, a former exec at Adobe, Lynda.com, and PopCap Games. Chairman Jonathan Sposato, the company’s former CEO, formerly assisted get started another image-editing software referred to as Picnik that was bought to Google.
Habermann referred to as the acquisition a “great outcome” for traders. He reported he will carry on to do the job with Shutterstock for the close to future.
“The explosion of electronic advertising and social media has seen a fantastic demand for simple to use and inexpensive tools for each day creators, as effectively as the have to have for persuasive pre-designed content material and templates for quick and specialist-hunting remedies,” he told GeekWire. “The mix of PicMonkey with Shutterstock will allow us to present a sturdy system that combines visible tools and information that accelerates our current progress and profitability together with increasing into enterprise and intercontinental.”
In July, Shutterstock compensated $35 million to obtain a few AI entities: Sample89 Inc., Datasine Restricted and property from Shotzr, Inc.
Editor’s take note: GeekWire chairman Jonathan Sposato is chairman of PicMonkey.