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Shutterstock Falls on Buying Envato
Shutterstock, Inc. (NYSE: SSTK) shares began Thursday downward. The New York-based Shutterstock, a leading global creative platform offering high-quality creative content for transformative brands, digital media and marketing companies, today announced that it entered into a definitive agreement to acquire Envato Pty Ltd., a leader in digital creative assets and templates. Envato's flagship product, Elements, is a creative subscription providing unlimited downloads of a diverse array of assets, templates and more-an intelligent creative companion helping creatives make their mark globally.
Founded in 2006 and headquartered in Australia with a presence in Mexico and New Zealand, Envato enables millions of people around the world to buy and sell creative assets, use smart design templates and learn creative skills. Through its combination of an extensive breadth of asset types, a deep library, a compelling value proposition and quality artistry, Envato helps creatives get projects done faster and more effectively.
"We're thrilled about this transaction and looking forward to welcoming the Envato team to Shutterstock," said Shutterstock CEO Paul Hennessy. "Envato is perfectly positioned to serve a growing customer need for an unlimited multi-asset subscription to a library of creative content, with an emphasis on videos, audio, graphics, fonts and templates.”
SSTK opened Thursday's session behind yesterday's close $1.62, or 3.8%, to $40.82.
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