The acquisition provides Shutterstock’s global community of customers with professional-grade, easy-to-use design tools.
NEW YORK, September 7, 2021 / PRNewswire / – Shutterstock, Inc. (NYSE: SSTK), a leading global creative platform delivering full-service solutions, high-quality content and applications for brands, businesses and media companies, today announced the acquisition from PicMonkey, an online graphic design and image editing platform that enables creators of any skill level to design high-quality visual elements – from presentations, advertisements and logos to business cards and banners – for a range of use cases including digital marketing, advertising and social media posts.
Visual content is the cornerstone of brand storytelling. At Shutterstock, democratizing creativity and enabling the creation of professional content by anyone, regardless of their design background, has always been at the heart of the company’s vision. Whether it’s a future business owner using a presentation to effectively present their concept or a large marketing team creating a campaign that gets people to sit down and take notice, there is a pervasive need among non-designers to create compelling and professional content seamlessly. While some professionally designed applications require formal training, integrating PicMonkey into Shutterstock will allow our clients, regardless of their skill or expertise level, to create beautiful and top-notch content with efficiency and ease in a few clicks.
Founded in 2012, PicMonkey gives creators access to thousands of templates, graphics, and fonts, along with tips and tutorials to produce sophisticated visual designs with an editorial look for a wide range of channels. This acquisition builds on Shutterstock’s strategy to expand its offering to small businesses, providing additional tools for non-professionals to elevate their visual content across a variety of platforms.
“Content is at the heart of Shutterstock’s offering, and selecting an asset is just one step in the creation process. A key part of Shutterstock’s strategy and vision is to provide a suite of solutions for the entire creative journey, regardless of level of experience or expertise, “mentioned Stan pavlovsky, CEO of Shutterstock. “PicMonkey’s easy-to-use design and editing tools, cross-team collaboration features, and a robust library of pre-designed templates make professional publishing resources available to anyone at scale, and should enable Shutterstock to improve and accelerate the realization of our vision. for our customers around the world. “
The acquisition of PicMonkey is an important part of Shutterstock’s workflow solutions, making it easy for creatives, business owners and marketers to design. The main features of the PicMonkey tool include photo editing, effects, retouching tools, branding kits, cloud storage videos, animations and multiple pages for creators, solopreneurs, specialists social marketers, marketers, professional designers and casual creatives. These design and editing capabilities are a natural extension of Shutterstock’s content offering and, on a combined basis, will help deliver a more unified customer experience throughout the creative journey.
Highlights of the transaction:
Complements Shutterstock content subscriptions with easy-to-use image and video design tools
Expands Shutterstock Audience Reach and Addressable Market by Expanding into the Rapidly Growing Market 8 billion dollars market opportunity for creative software and design tools
Expected to contribute approximately 3% to annual Shutterstock revenue and add over 200,000 new subscribers
The counterpart of the transaction consists of $ 110 million of cash paid at closing and acquisition should be immediately accretive to adjusted EBITDA and adjusted net income
CapM Advisors acted as financial advisor, and Sheppard mullin acted as legal counsel to Shutterstock. Lightning Partners acted as financial advisor and Latham & Watkins as legal advisor to PicMonkey.
Shutterstock, Inc. (NYSE: SSTK) is a leading global creative platform providing full service solutions, high quality content and applications for brands, businesses and media companies. Directly and through its group subsidiaries, Shutterstock’s comprehensive collection includes high quality licensed photographs, vectors, illustrations, videos, 3d models and music. Working with its growing community of over 1.8 million contributors, Shutterstock adds hundreds of thousands of images every week and currently has over 380 million images and over 22 million video clips available.
Based at New York City, Shutterstock has offices around the world and clients in more than 150 countries. The Company also owns Offset, a premium image collection; Shutterstock Studios, an end-to-end tailor-made creation store; PremiumBeat, a priest Royalty free music library; Shutterstock Editorial, a leading source of editorial images and videos for the world’s media; TurboSquid, a leader 3D content market; Ampere Music, a AI-based music platform; and Bigstock, a stock market media offering focused on value.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, without limitation, statements regarding future activities of management, future operating results or the financial condition, including new or planned features, products or services, management strategies, Shutterstock’s expectations regarding the financial outlook and future growth and profitability, statements regarding the anticipated effects of the Company’s acquisition of PicMonkey and statements regarding expected improvements in operations. You can identify forward-looking statements by words such as “could”, “will”, “would”, “should”, “could”, “” plan “,” opportunities “and the like. However, all forward-looking statements do not contain these words. These forward-looking statements are subject to known and unknown risks, uncertainties and other factors, including risks relating to any changes or effects on liabilities, financial condition, future capital expenditures , income, expense, bottom line or loss, synergies and future prospects.; our inability to continue to attract and retain customers and contributors to our online marketplace for creative content; factors competitive; our inability to innovate technologically or to develop, market and offer new products and services; costs related to litigation or infringement claims, compensation claims and inability to prevent the misuse of our content; our inability to increase awareness of Shutterstock and our products and services in the marketplace; our inability to effectively manage our growth; our inability to grow at historic growth rates or not at all; technological disruptions that prevent access to our websites; claims by third parties of intellectual property rights infringement by Shutterstock; our inability to effectively manage the risks associated with international operations; our exposure to currency risk; our inability to manage the risks associated with sales to large corporate clients; government regulation of the Internet; growing regulations on the processing of personal data; government actions to restrict access to our products and services; our inability to effectively expand our operations into new products, services and technologies; our inability to protect confidential customer information; increased tax liabilities associated with our global operations, including our exposure to withholding taxes, sales taxes and transaction taxes; the effect of the 2017 Tax Cuts and Jobs Act; public health crises, including the COVID-19 pandemic; general economic and political conditions around the world, including the disruption and volatility caused by COVID-19 and any resulting economic downturn; our inability to successfully integrate acquisitions and associated technology and achieve operational efficiencies; and other factors and risks discussed under the heading “Risk Factors” in our most recent Annual Report on Form 10-K, as well as in other documents that the Company may file from time to time with the Securities and Exchange Commission. Due to these risks, uncertainties and factors, the actual results of Shutterstock may differ materially from the future results, performance or achievements discussed or suggested by the forward-looking statements contained herein. The forward-looking statements contained in this press release are made only as of this date and Shutterstock assumes no obligation to update the information included in this press release or to revise any forward-looking statements, whether as a result of new information, future developments or otherwise, except as required by law.
SOURCE Shutterstock, Inc.