Shutterstock to Purchase N.O.-Based Turbosquid
NEW YORK – Shutterstock Inc. – an online global marketplace for images – announced it will acquire New Orleans-based technology company TurboSquid Inc. in a deal worth $75 million.
Founded in 2000, TurboSquid is a leading source for stock 3D models. Its customers include many Fortune 100 companies from a diverse set of industries including film and television, retail, gaming, news media, advertising, architecture and defense.
“At Shutterstock, we are constantly at the forefront of innovation, monitoring the creative roadmap through our clients,” said Stan Pavlovsky, CEO of Shutterstock, in a press release. “The growth of 3D, AR and VR content and the potential to engage consumers with this disruptive technology is at an all-time high, and TurboSquid’s industry-leading platform allows us to make the distribution of 3D accessible to Shutterstock’s community of creators and marketers across video, gaming, e-commerce, and beyond.”
“Nobody in the world understands the creative landscape better than Shutterstock,” said TurboSquid’s Chief Executive Officer Matt Wisdom. “The visionary leadership and tech innovation make it the perfect place for TurboSquid and its employees to continue what we do best — creating and building a 3D powerhouse and cloud-based digital asset management solution.”
Shutterstock said the transaction will make it the world’s largest 3D marketplace. The transaction is targeted to close in early February.