PicMonkey acquired by Shutterstock for $110m
Global creative platform Shutterstock, Inc. recently announced the acquisition of PicMonkey, an online graphic design and image editing platform.
At 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.
Founded 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.
“Content is at the core of Shutterstock’s offering, and selecting an asset is just one step of the creative process. 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.
“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.”
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.
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.
It is also expected to contribute approximately 3% to Shutterstock’s annual revenues and to add more than 200,000 new subscribers.
Consideration 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 Income
CapM Advisors acted as financial advisor, and Sheppard Mullin acted as legal advisor to Shutterstock. Lightning Partners acted as financial advisor, and Latham & Watkins acted as legal advisor to PicMonkey.