September 28, 2021

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Shutterstock pays $110M to purchase PicMonkey, a photo editing and graphic structure computer software maker

2 min read
(PicMonkey Graphic)

Publicly-traded photography big Shutterstock has obtained PicMonkey, a Seattle startup launched nine many years back that provides on the net image editing and graphic design resources.

Shutterstock paid $110 million in dollars for the deal, which will add about 3% to the company’s once-a-year revenues and include more than 200,000 subscribers.

Shutterstock, which went general public in 2012, claimed income of $189.9 million for its next fiscal quarter this yr, up 16%, and 321,000 subscribers, up 44%.

The New York-based company introduced just about two decades back. It is recognized as a international supplier of inventory pictures but also features artistic instruments and new music/online video clips.

Shutterstock claimed integrating PicMonkey will “further empower our shoppers, irrespective of their talent stage or experience, to generate beautiful, most effective-in-class written content with performance and ease in just a handful of clicks.” It estimates the marketplace chance for resourceful application and layout tools at $8 billion.

Started in 2012, PicMonkey targets modest firms and manufacturers with its suite of cloud-centered applications. The business stated 10 billion images have been produced on its platform. PicMonkey’s product will continue to exist for now its stock photography will now be furnished by Shutterstock.

PicMonkey employs all over 50 persons all had been made available equal or superior roles with Shutterstock. The startup lifted $41 million in 2015 from Spectrum Fairness. It is presently led by CEO Frits Habermann, a former exec at Adobe, Lynda.com, and PopCap Game titles. Chairman Jonathan Sposato, the company’s former CEO, previously assisted commence another photograph-modifying software named Picnik that was bought to Google.

Habermann called the acquisition a “great outcome” for investors. He reported he will continue on to function with Shutterstock for the around long run.

“The explosion of digital internet marketing and social media has observed a wonderful demand for uncomplicated to use and economical applications for every day creators, as nicely as the need for compelling pre-built content and templates for quick and qualified-seeking solutions,” he explained to GeekWire. “The blend of PicMonkey with Shutterstock allows us to present a sturdy system that brings together visible equipment and material that accelerates our existing development and profitability along with growing into organization and intercontinental.”

In July, Shutterstock paid $35 million to obtain 3 AI entities: Pattern89 Inc., Datasine Restricted and belongings from Shotzr, Inc.

Editor’s be aware: GeekWire chairman Jonathan Sposato is chairman of PicMonkey.

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