Global creative platform Shutterstock has entered an agreement to purchase TurboSquid, considered the world’s largest 3D marketplace.
For more than 20 years, TurboSquid has been a 3D industry leader, offering a unified 3D workflow, and operating a marketplace offering of more than 1 million 3D models, a 2D marketplace derived from 3D objects, and a digital asset management solution offered on an SaaS basis.
Since its inception in 2000, TurboSquid has enabled the creation, optimisation, publishing and monetisation of 3D models, while accelerating time to market and reducing development hours through its proprietary technology.
“At Shutterstock, we are constantly at the forefront of innovation, monitoring the creative roadmap through our clients,” Shutterstock chief executive Stan Pavlovsky said in a statement.
“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, 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”, Shutterstock said in a statement.
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.
Furthermore, 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.
Consideration for the transaction consists of US$75 million of cash payable at closing, Shutterstock said. The transaction is targeted to close in early February, subject to customary closing conditions.
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