Seattle-based photo-editing company PicMonkey has been acquired by Shutterstock, the publicly traded photo and video company based in New York City.
Shutterstock, which announced the acquisition Tuesday, is paying about $110 million cash to acquire PicMonkey. According to Shutterstock, the acquisition will contribute roughly 3% to its annual revenue and more than 200,000 new subscribers.
"Content is at the core of Shutterstock's offering, and selecting an asset is just one step of the creative process," Stan Pavlovsky, CEO of Shutterstock, said in a statement. He added that PicMonkey "is expected to allow Shutterstock to enhance and accelerate the delivery of our vision for our customers around the world."
PicMonkey, founded in 2012, allows users to edit photos, as well as add graphics and text. According to a PicMonkey FAQ section, its rates won't change and the PicMonkey brand will continue to exist. The company says it has users in more than 200 countries, and users have made 10 billion images using its tools. PicMonkey also has an office in Ireland.
PicMonkey raised $41 million in 2015. Two years later, the company moved into new headquarters downtown near the intersection of Fifth Avenue and Pike Street.
Shutterstock, meanwhile, was founded in 2003 and went public on the New York Stock Exchange in 2012. In addition to stock photos and videos, the company offers social media templates and news media photos. Shutterstock also offers tools for creatives like an image resizer and a collage maker.
According to Shutterstock, the company offers more than 380 million images and over 22 million videos, and the company has in excess of 1.8 million contributors.
"We could not be more excited to become part of the Shutterstock family and continue to provide our users with the best online photo editing and graphic design experience there is," PicMonkey said at the top of its FAQ section about the acquisition.
