Shutterstock has bought TurboSquid in a $75m deal, to boost its 3D content for creators.
The acquisition of TurboSquid allows Shutterstock to provide its userbase of 1.9 million customers 3D and VR content.
This acquisition follows Shutterstock’s recent acquisition of Amper Music, the AI music platform, showcasing the company’s growth outside of the stock image market to a full service creative platform.
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 Stan Pavlovsky, CEO of Shutterstock. “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.”
TurboSquid’s Chief Executive Officer Matt Wisdom added, “Nobody in the world understands the creative landscape better than Shutterstock. 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.”
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.
CapM Advisors acted as financial advisor to Shutterstock, and Raymond James acted as financial advisor to TurboSquid.
