Australian HQ’d graphics and video assets platform Envato has been acquired by photo agency Shutterstock – the Envato site enables millions of people around the world to buy and sell creative assets, use smart design templates and learn creative skills.
The deal is a $245 million cash purchase of 100% of Envato Pty Ltd and adds 20% to annual revenues and 15% to annual adjusted EBITDA to Shutterstock.
The deal adds 650k subscribers, more than doubling Shutterstock’s subscriber base to 1.15 million increasing Shutterstock’s Content revenue from video, audio, graphics, fonts and templates.
“Since its humble beginnings in a Sydney garage, Envato has generated more than $1.3 billion in earnings for its author community and scaled to 650k subscribers. I feel an immense sense of pride in the team for achieving this global scale as an independent business,” added Envato CEO Hichame Assi. “As we enter this next chapter, we remain laser focused on empowering the creative community to thrive and excited to achieve this shared goal with Shutterstock.”
Related on PAN: April 2019 Stock photo agency Twenty20 acquired by Envato.
View all Shutterstock news on PAN.