Shutterstock paid $110 million in cash for this transaction, which will contribute approximately 3% to the company’s annual revenue and increase more than 200,000 subscribers.
Shutterstock, which went on sale in 2012, Report Revenue in the second fiscal quarter of this year was $189.9 million, an increase of 16%, and there were 321,000 subscribers, an increase of 44%.
This New York-based company was founded nearly two decades ago. It is known as a global supplier of stock photography, but also provides creative tools and music/video clips.
Shutterstock stated that integrating PicMonkey will “further empower our customers, regardless of their skill level or expertise, to efficiently and easily create beautiful, first-class content with just a few clicks.” It estimates the cost of creative software and design tools. Market opportunities $8 billion.
PicMonkey was founded in 2012 and its cloud-based tool suite is aimed at small businesses and brands. The company said it has produced 10 billion pictures on its platform. PicMonkey products Will continue to exist; Its stock photos will now be provided by Shutterstock.
PicMonkey has approximately 40 employees. The startup raised $41 million from Spectrum Equity in 2015.It is currently led by the CEO Fritz Haberman, Former executive of Adobe, Lynda.com and PopCap Games. The company’s former CEO Jonathan Sposato (Jonathan Sposato) had previously helped launch another photo editing tool, Picnik, which was sold to Google.
In July, Shutterstock acquired the assets of three AI entities: Pattern89 Inc., Datasine Limited, and Shotzr, Inc. for $35 million.
Editor’s note: Jonathan Sposato, chairman of GeekWire, is the chairman of PicMonkey.