Publicly traded photography giant Shutterstock has acquired PicMonkey, a Seattle startup founded nine years ago that provides online graphic design and photo editing tools.
Shutterstock paid $ 110 million in cash for the deal, which will contribute about 3% to the company’s annual revenue and add more than 200,000 subscribers.
Shutterstock, which went public in 2012, reported revenue of $ 189.9 million for its fiscal second quarter this year, an increase of 16%, and 321,000 subscribers, an increase of 44%.
The New York-based company launched nearly two decades ago. It is known as a global supplier of stock photography, but also offers creative tools and music / video clips.
Shutterstock said the PicMonkey integration “will further empower our customers, regardless of skill level or experience, to create beautiful, best-in-class content with efficiency and ease in just a few clicks.” He estimates the market opportunity for creative software and design tools at $ 8 billion.
Founded in 2012, PicMonkey targets small businesses and brands with its suite of cloud-based tools. The company said that 10 billion images have been made on its platform. The PicMonkey product will continue to exist for now; Your stock photography will now be provided by Shutterstock.
PicMonkey employs about 50 people; all were offered equivalent or better papers with Shutterstock. The startup raised $ 41 million in 2015 from Spectrum Equity. It is currently led by CEO Frits Habermann, a former executive at Adobe, Lynda.com, and PopCap Games. President Jonathan Sposato, a former CEO of the company, previously helped start another photo-editing tool called Picnik that was sold to Google.
Habermann called the acquisition a “great result” for investors. He said that he will continue to work with Shutterstock in the near future.
“The explosion of digital marketing and social media has seen a huge demand for easy-to-use and affordable tools for everyday creators, as well as the need for compelling pre-made content and templates for quick, professional-looking solutions,” he told GeekWire. “The combination of PicMonkey with Shutterstock enables us to provide a robust platform combining visual tools and content that accelerates our current growth and profitability along with business and international expansion.”
In July, Shutterstock paid $ 35 million to acquire three AI entities: Pattern89 Inc., Datasine Limited, and assets of Shotzr, Inc.
