Working with its growing community of over 1.8 million contributors, the company adds hundreds of thousands of images each week, and currently has more than 380 million images and more than 22 million video clips available. Led by Stan Pavlovsky, Chief Executive Officer, Shutterstock provides a comprehensive collection that includes high-quality licensed photographs, vectors, illustrations, videos, 3D models and music. PicMonkey provides an online graphic design and image editing platform that enables creators of any skill level to design visual assets - from presentations, advertisements and logos, to business cards and banners, for use cases, including digital marketing, advertising, and social media posts.įounded in 2012, the company has created a platform that allows creators to access thousands of templates, graphics and fonts, with tips and tutorials for producing visual designs with an editorial look and feel for a diverse array of channels. The deal builds upon Shutterstock’s strategy to expand its offering to small businesses, by providing additional tools to non-professionals for elevating their visual content across a variety of platforms. The transaction, which consists of $110m of cash paid at closing, is expected to contribute approximately 3% to Shutterstock’s annual revenues and to add more than 200,000 new subscribers. Spectrum Equity was the the seller in the deal. Lightning Partners acted as financial advisor, and Latham & Watkins acted as legal advisor to PicMonkey.Shutterstock, Inc. (NYSE: SSTK), a New York City-based global creative platform offering full-service solutions, content, and applications for brands, businesses and media companies, acquired PicMonkey, a Seattle, WA-based online graphic design and image editing platform. It is also expected to contribute approximately 3% to Shutterstock’s annual revenues and to add more than 200,000 new subscribers.Ĭonsideration for the transaction consists of $110 million of cash paid at closing and the acquisition is expected to be immediately accretive to Adjusted EBITDA and Adjusted Net IncomeĬapM Advisors acted as financial advisor, and Sheppard Mullin acted as legal advisor to Shutterstock.
#Shutterstock picmonkey software
The transaction is also expected to expand Shutterstock’s audience reach and addressable market by extending into the rapidly growing $8 billion market opportunity for creative software and design tools. Key features of the PicMonkey tool includes photo editing, effects, touch-up tools, brand kits, cloud storage video, animations, and multi-page, which Shutterstock customers will now have access to.
#Shutterstock picmonkey professional
“PicMonkey’s easy-to-use design and editing tools, collaboration features across teams, and robust library of pre-designed templates makes professional publishing assets accessible at scale to anyone, and is expected to allow Shutterstock to enhance and accelerate the delivery of our vision for our customers around the world.” A key element of Shutterstock’s strategy and vision is providing a suite of solutions for the entire creative journey, regardless of experience or expertise level,” said Stan Pavlovsky, Chief Executive Officer at Shutterstock. “Content is at the core of Shutterstock’s offering, and selecting an asset is just one step of the creative process. recently announced the acquisition of PicMonkey, an online graphic design and image editing platform.Īt Shutterstock, democratizing creativity and empowering the creation of professional content by anyone, regardless of design experience is at the heart of the company’s vision, and they believe the integration of PicMonkey into Shutterstock will further empower their customers to do this.įounded in 2012, PicMonkey allows creators to access thousands of templates, graphics and fonts, with tips and tutorials for producing sophisticated visual designs with an editorial look and feel for a diverse array of channels. Global creative platform Shutterstock, Inc.
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