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Shutterstock acquires design platform

Shutterstock acquired a creative design platform this week – PicMonkey (founded in 2012) …the site helps you design “high-quality visual assets from presentations, advertisements and logos, to business cards and banners for an array of use cases, including digital marketing, advertising, and social media posts.”

Deal details: ‘Consideration for the transaction consists of $110 million of cash paid at closing and the acquisition is expected to be immediately accretive to Adjusted EBITDA and Adjusted Net Income.’

• PicMonkey FAQ’s on Shutterstock to their users here

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