PicMonkey was founded in 2012 and, in 2015, took a $41 million investment from Spectrum, which also owns cloud-based video content creator Animoto. The deal will add about 3% to Shutterstock’s annual revenues and add more than 200,000 new subscribers.
The company said the deal c omplements Shutterstock’s content subscriptions with easy-to-use image and video design tools and expands Shutterstock’s “audience reach and addressable market by extending into the rapidly growing $8 billion market opportunity for creative software and design tools.” Shutterstock, Inc.announced the $110 million acquisition of PicMonkey, an online graphic design and image editing platform, from Spectrum Equity.
