Shutterstock (NYSE: SSTK), an Australian firm that specializes in digital creative assets and templates, was purchased by NYC-based Shutterstock Pty Ltd. for $245 million. Shutterstock provides a platform with material for brands, digital media, and marketing organizations.
Shutterstock will increase its product offerings with the purchase, which is anticipated to occur in the third quarter, subject to customary closing conditions. The agreement is anticipated to quicken Shutterstock’s trajectory toward its long-term goals by 2027, as Envato will increase yearly sales and adjusted EBITDA by 15% and 20%, respectively.
With the addition of 650k subscribers, Shutterstock will be able to increase its revenue from content, including video, audio, graphics, fonts, and templates.
Additionally, its content library will be strengthened with 10 million images, 6 million videos, 1 million audio clips, 0.5 million templates, and 0.2 million graphics and fonts. Finally, it will further diversify into new content types like code and web themes, product mock-ups, fonts, and templates (e.g. Slides, Powerpoint, Keynote, WordPress, video, designs for social posts, gaming, podcasts, and print-on-demand).
The business is present in both New Zealand and Mexico.
“Envato is perfectly positioned to serve a growing customer need for an unlimited multi-asset subscription to a library of creative content, with an emphasis on videos, audio, graphics, fonts, and templates. This purchase will support Shutterstock in achieving its goal of providing clients with the material they require, wherever they are, to enable them to develop, produce, and share their next big idea by expanding our access to audiences that are growing more quickly and into new content categories.”
Paul Hennessy
Under the direction of CEO Paul Hennessy, Shutterstock offers a platform with original content for marketers, digital media, and brands. A wide range of excellent 3D models, video, audio, images, vectors, and graphics are licensed by the firm. Elements, the company’s primary offering, is a creative subscription that offers limitless downloads of a wide range of assets, templates, and more.
