Shutterstock Inc. (NYSE: SSTK), a leading global creative platform offering full-service solutions, high-quality content, and tools for brands, businesses and media companies, announced Jan. 26 that it entered into a definitive agreement to acquire TurboSquid for $75 million, according to a press release.
"At Shutterstock, we are constantly at the forefront of innovation, monitoring the creative roadmap through our clients," said Stan Pavlovsky, CEO of Shutterstock. "The growth of 3D, AR and VR content and the potential to engage consumers with this disruptive technology is at an all-time high, and TurboSquid's industry-leading platform allows us to make the distribution of 3D accessible to Shutterstock's community of creators and marketers across video, gaming, e-commerce, and beyond."
For over 20 years, TurboSquid has been a leader in the 3D industry, offering a unified 3D workflow, and operating a marketplace offering of more than one million 3D models, a 2D marketplace derived from 3D objects, and a digital asset management solution offered on a SaaS basis. Since its inception in 2000, TurboSquid has enabled the creation, optimization, publishing and monetization of 3D models, while accelerating time to market and reducing development hours via its proprietary technology.
TurboSquid's Chief Executive Officer Matt Wisdom added, "Nobody in the world understands the creative landscape better than Shutterstock. The visionary leadership and tech innovation make it the perfect place for TurboSquid and its employees to continue what we do best -- creating and building a 3D powerhouse and cloud-based digital asset management solution."
The acquisition of TurboSquid establishes Shutterstock as the premium destination for 3D models. In addition, TurboSquid's PixelSquid offering provides access to content sourced from 3D models in an easy-to-use 2D format, which allows users to tap into the power and flexibility that comes with 3D. TurboSquid's SaaS offering, Kraken, is a turnkey solution that companies use to manage their own libraries of models and streamline 3D asset management.
CapM Advisors acted as financial advisor to Shutterstock, and Raymond James acted as financial advisor to TurboSquid.
Transaction Highlights :
• Strong strategic fit and meaningful revenue synergies with Shutterstock.
• Consideration for the transaction consists of $75 million of cash payable at closing.
• Expected to be immediately accretive to adjusted net income per diluted share and adjusted EBITDA.
• Transaction is targeted to close in early February, subject to customary closing conditions.
About Shutterstock, Inc.
Shutterstock, Inc. (NYSE: SSTK), is a leading global creative platform offering full-service solutions, high-quality content, and tools for brands, businesses and media companies. Directly and through its group subsidiaries, Shutterstock's comprehensive collection includes high-quality licensed photographs, vectors, illustrations, videos and music. Working with its growing community of over one million contributors, Shutterstock adds hundreds of thousands of images each week, and currently has more than 350 million images and more than 20 million video clips available.
Headquartered in New York City, Shutterstock has offices around the world and customers in more than 150 countries. The Company also owns Bigstock, a value-oriented stock media offering; Shutterstock Studios, an end-to-end custom creative shop; Offset, a high-end image collection; PremiumBeat, a curated royalty-free music library; and Shutterstock Editorial, a premier source of editorial images and videos for the world's media.
For more information, please visit www.shutterstock.com and follow Shutterstock on Twitter and on Facebook.