New York-Based Stock Photography Startup Acquires PicMonkey
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Shutterstock had acquired PicMonkey, a Seattle, WA-based online graphic design and image editing platform. Spectrum Equity was the seller in the deal. The transaction, which consists of $110m of cash paid at closing, is expected to contribute approximately 3% to Shutterstock’s annual revenues and add more than 200,000 new subscribers. The deal builds upon Shutterstock’s strategy to expand its offering to small businesses by providing additional tools to non-professionals to elevate their visual content across various platforms.
Founded 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. Shutterstock has offices around the world and customers in more than 150 countries.
Suprotik Sinha is the Content Writer with Synkrama Technologies. He writes about technologies and startups in the global enterprise space. An animal lover, Suprotik, is a postgraduate from Symbiosis Institute of Mass Communication (SIMC) Pune. He carries 6+ years of experience in Content Writing, and he also worked in mainstream broadcast media, where he worked as a Journalist with Ibn7 ( now known as News18 India) and Zee Media in Mumbai.