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Shutterstock to acquire TurboSquid

Press release 2021-01-26 14:10 article  > All
| 4

The companies entered into definitive agreement.

Shutterstock, Inc. (NYSE: SSTK) today announced that it entered into a definitive agreement to acquire TurboSquid, Inc., positioning Shutterstock as the world’s largest 3D marketplace. 

For over 20 years, TurboSquid is a marketplace offering of more than one million 3D models, a 2D marketplace derived from 3D objects, and a digital asset management solution. 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.

The acquisition of TurboSquid establishes Shutterstock as the 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. 

Transaction Highlights

  • 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 million of 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

 

Author: Press release Editor: Michał Franczak
| 4
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user
Hesham Elshipli 12:54:43  |  28-01-2021
Not sure it is good for us or not. I wished that the article states the benefits for 3D artists if exists !
user
RareGuppies 13:56:17  |  11-02-2021
Never used Turbosquid before
user
movienews 14:31:20  |  11-02-2021
It will be a great quisition
user
Thug 15:16:37  |  23-02-2021
Not sure about it maybe it will give benefits or maybe not.
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