Envato’s CEO, Hichame Assi, reflected on the company’s journey, “From its inception in a Sydney garage, Envato has paid out over $1.3 billion to its author community and now boasts 650,000 subscribers. Joining forces with Shutterstock, we remain committed to empowering the creative community to flourish further.”
shutterstock’s $245m purchase : The Future Outlook Post-Acquisition
The integration of Envato’s Elements into Shutterstock’s existing framework is set to amplify the latter’s reach significantly, targeting burgeoning sectors like freelancers, hobbyists, and small businesses. This strategic move is anticipated to more than double Shutterstock’s subscriber count to 1.15 million, marking a major milestone in its expansion strategy.
Financially, the acquisition promises to boost Shutterstock’s annual revenues by 20% and increase its adjusted earnings before interest, taxes, depreciation, and amortization by 15%. The deal, slated to finalize in the third quarter of the year, is a game-changer for Shutterstock, heralding a new era of growth and innovation in the creative content industry.
Legal Advisors Behind the Scenes
The complex negotiations and legal intricacies of Shutterstock’s $245 million purchase were meticulously managed by White & Case LLP for Shutterstock, with Kimberly Petillo-Decossard and Ross Sturman at the helm. Envato’s legal strategies were crafted by Goodwin Procter LLP & King & Wood Mallesons, showcasing the global legal prowess backing this significant deal.
