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.