Shutterstock, Inc. announced the $110 million acquisition of PicMonkey, an online graphic design and image editing platform, from Spectrum Equity. The company said the deal complements Shutterstock’s content subscriptions with easy-to-use image and video design tools and expands Shutterstock’s “audience reach and addressable market by extending into the rapidly growing $8 billion market opportunity for creative software and design tools.”
The deal will add about 3% to Shutterstock’s annual revenues and add more than 200,000 new subscribers.
PicMonkey was founded in 2012 and, in 2015, took a $41 million investment from Spectrum, which also owns cloud-based video content creator Animoto. 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.”