Shutterstock to Acquire TurboSquid, the World's Largest 3D Marketplace
For over 20 years, TurboSquid has been a 3D industry leader, offering a unified 3D workflow, and operating a marketplace offering of more than one million 3D models, a 2D marketplace derived from 3D objects, and a digital asset management solution offered on a SaaS basis. Since its inception in 2000, TurboSquid has enabled the creation, optimization, publishing and monetization of 3D models, while accelerating time to market and reducing development hours via its proprietary technology.
"At Shutterstock, we are constantly at the forefront of innovation, monitoring the creative roadmap through our clients," said
TurboSquid's Chief Executive Officer
The acquisition of TurboSquid establishes Shutterstock as the premium destination for 3D models. In addition, TurboSquid's PixelSquid offering provides access to content sourced from 3D models in an easy-to-use 2D format, which allows users to tap into the power and flexibility that comes with 3D. TurboSquid's SaaS offering, Kraken, is a turnkey solution that companies use to manage their own libraries of models and streamline 3D asset management.
- Shutterstock will become the world's largest 3D marketplace.
- Strong strategic fit and meaningful revenue synergies with Shutterstock.
- Consideration for the transaction consists of
$75 millionof cash payable at closing.
- Expected to be immediately accretive to adjusted net income per diluted share and adjusted EBITDA.
- Transaction is targeted to close in early February, subject to customary closing conditions.
Founded in 2000, TurboSquid is the world's leading source for stock 3D models. Their customers include over half of the Fortune 100 and a diverse set of industries including film and television, retail, gaming, news media, advertising, architecture and defense. Powered by a passionate contributor community from around the globe, TurboSquid is dedicated to improving how 3D models are built, bought and used. Their latest initiative, Kraken, is an asset management platform designed to help organizations finally bring order to their 3D libraries.
TurboSquid is headquartered in
For more information, please visit turbosquid.com.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Examples of forward-looking statements include, but are not limited to, statements regarding the risk that closing of the acquisition will not proceed as planned and the future of the Company's or TurboSquid's business. You can identify forward-looking statements by words such as "may," "will," "would," "should," "could," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. However, not all forward-looking statements contain these words. Such forward-looking statements are subject to known and unknown risks, uncertainties and other factors including risks related to the potential benefits of the proposed transaction, any changes to or the effects on liabilities, financial condition, future capital expenditures, revenue, expenses, net income or loss, synergies and future prospects; our inability to continue to attract and retain customers and contributors to our online marketplace for creative content; competitive factors; our inability to innovate technologically or develop, market and offer new products and services; costs related to litigation or infringement claims, indemnification claims and the inability to prevent misuse of our content; our inability to increase market awareness of Shutterstock and our products and services; our inability to effectively manage our growth; our inability to grow at historic growth rates or at all; technological interruptions that impair access to our websites; assertions by third parties of infringement of intellectual property rights by Shutterstock, our inability to effectively manage risks associated with operating internationally; our exposure to foreign exchange rate risk; our inability to address risks associated with sales to large corporate customers; government regulation of the internet; increasing regulation related to the handling of personal data; actions by governments to restrict access to our products and services; our inability to effectively expand our operations into new products, services and technologies; our inability to protect the confidential information of customers; increased tax liabilities associated with our worldwide operations, including our exposure to withholding, sales and transaction tax liabilities; the effect of the Tax Cuts and Jobs Act of 2017; public health crises including the COVID-19 pandemic; general economic and political conditions worldwide, including disruption and volatility caused by COVID-19 and any resulting economic recession; our inability to successfully integrate acquisitions and the associated technology and achieve operational efficiencies; and other factors and risks discussed under the caption "Risk Factors" in our most recent Annual Report on Form 10-K, as well as in other documents that the Company may file from time to time with the
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