Envato acquired by Shutterstock for $372 million

Melbourne-based creative assets company Envato, founded by Australian rich listers Cyan and Collis Ta’eed, has announced it will be acquired by royalty-free image website Shutterstock (NYSE: SSTK) in an all-cash deal worth 245 million dollars ($372). million).

Founded in 2006 by the husband-and-wife duo, Envato gives users access to creative assets such as stock photos, graphic design templates, audio, and fonts, as well as WordPress themes and code.

The tech company also operates an unlimited subscription service called Envato Elements, which offers unlimited downloads of stock videos, royalty-free music, photos and images, as well as a web-based product mockup and design tool called PlaceIt, and free stock photography. and video asset sites Reshot and Mixkit.

Customers on the company’s roster include technology and retail giants such as Netflix, Google, Microsoft, Adobe, Nike and Walmart.

“Since its humble beginnings in a Sydney garage, Envato has generated more than $1.3 billion in revenue for its author community and scaled to 650,000 subscribers. I feel a tremendous sense of pride in team for achieving this global scale as an independent company,” said Hichame Assi, CEO of Envato.

“As we enter this next chapter, we remain focused on empowering the creative community to thrive and are excited to achieve this shared goal with Shutterstock.”

Former CEO and co-founder Collis Ta’eed expressed his gratitude to the community, saying he is “immensely grateful to all those who have played a role, big or small, in our collective story.”

“I will cheer from the sidelines, confident that there is a shared commitment to innovation and creativity, as well as an ongoing commitment to our values,” Ta’eed added.

Based in New York, New York, Shutterstock is one of the world’s largest providers of stock photos and imagery. The company, which has a market capitalization of US$https://www.businessnewsaustralia.com/1.48 billion ($2.2 billion) also recently signed deals with tech companies Meta, Google, Amazon and Apple to use hundreds of millions of images , videos and music files in the library to train AI models.

The acquisition of Envato will more than double Shutterstock’s subscriber base to https://www.businessnewsaustralia.com/1.https://www.businessnewsaustralia.com/15 million. Shutterstock’s content library is also expanding with https://www.businessnewsaustralia.com/10 million images, 6 million videos, https://www.businessnewsaustralia.com/1 million audio clips, 500,000 templates and 200,000 images and fonts.

The deal will also diversify Shutterstock’s offering with new content such as code and web themes, product mockups and fonts, and templates for software such as Powerpoint, Keynote and WordPress.

The transaction is expected to close in the third quarter, subject to customary closing conditions.

“We are very pleased with this transaction and look forward to welcoming the Envato team to Shutterstock,” said Shutterstock CEO Paul Hennessy.

“Envato is perfectly positioned to meet customers’ growing needs for an unlimited, multi-asset subscription to a library of creative content, with an emphasis on videos, audio, images, fonts and templates.

“By expanding our reach to faster-growing audiences and additional content types, this acquisition will help Shutterstock fulfill its mission: connecting customers to the content they need, wherever they are, so they can create their next big idea , build and share.”