Shutterstock, Inc. (NYSE: SSTK), a New York-based global creative platform providing full-service solutions, content and applications for brands, businesses and media companies, has acquired PicMonkey, a design platform graphics and image editing online based in Seattle, WA.
Spectrum Equity was the seller of the transaction. The deal, which consists of $ 110 million in cash paid at closing, is expected to contribute about 3% of Shutterstock’s annual revenue and add more than 200,000 new subscribers. The deal builds on Shutterstock’s strategy to expand its offering to small businesses, providing additional tools for non-professionals to elevate their visual content across a variety of platforms.
PicMonkey provides an online graphic design and image editing platform that empowers creators of all skill levels to design visual assets – from presentations, advertisements, and logos to business cards and banners, to business cases. ‘use, including digital marketing, advertising and social media posts.
Founded in 2012, the company has created a platform that gives creators access to thousands of templates, graphics, and fonts, along with tips and tutorials to produce visual designs with an editorial look for a wide range. of chains.
Led by Stan Pavlovsky, CEO, Shutterstock offers a comprehensive collection that includes high quality licensed photographs, vectors, illustrations, videos, 3D models and music. Working with its growing community of over 1.8 million contributors, the company adds hundreds of thousands of images every week and currently has over 380 million images and over 22 million video clips available.
Shutterstock has offices around the world and clients in over 150 countries. The company also owns Offset, a collection of premium images; Shutterstock Studios, an end-to-end personalized creation store; PremiumBeat, a curated royalty-free music library; Shutterstock Editorial, a premier source of editorial images and videos for media around the world; TurboSquid, a 3D content marketplace; Amper Music, an AI-based music platform; and Bigstock, a value-driven stock media offering.