Two Huge Creative Platforms Join Forces
Leading creative platform, Shutterstock, recently entered a new agreement to purchase the world’s largest 3D marketplace, TurboSquid. An industry leader in 3D image experiences, TurboSquid provides a unified workflow environment for 3D content, with a marketplace that has more than 1 million 3D models to choose from. There’s also a 2D marketplace that includes assets derived from 3D objects and a solution for asset management.
Since it first launched in the year 2000, TurboSquid has emerged as a leader in its field, enabling the creation and development of 3D models while boosting time to market and lowering development hours. According to Stan Pavlovsky, the Chief Executive of Shutterstock, the company has always been committed to staying at the forefront of innovation.
Part of this journey into the future involves paying close attention to the creative roadmap that Shutterstock clients are now exploring.
Stan noted that the development of AR, VR, and 3D content is significant in the current marketplace. These solutions provide a unique opportunity to engage customers with disruptive technology that’s unlike anything else. The industry-leading technology and capabilities of TurboSquid will allow Shutterstock to make 3D assets more accessible to the Shutterstock community.
People now reliant on Shutterstock for video, eCommerce, and gaming content will be able to unlock all the benefits of the TurboSquid 3D assets. In addition, the PixelSquid offering from TurboSquid will deliver access to content sourced from other 3D models in a 2D format. This means that users can tap into more flexible experiences.
TurboSquid’s Chief Executive, Matt Wisdom said that Shutterstock understands the creative landscape that they exist in. The acquisition of TurboSquid by Shutterstock will help the 3D company to concentrate on doing what they do best – building cloud-based asset management and 3D solutions.
Both TurboSquid and Shutterstock believe that this acquisition is a powerful step forward for both creative platforms. The purchase will make Shutterstock the ultimate destination for creative asses, including premium 3D models. What’s more, TurboSquid is also bringing its SaaS solution, Kraken, into the purchase too.
Kraken is a bespoke offering that allows companies to manage their preferred libraries of models and streamline asset management on a massive scale.
For the purpose of the purchase, CapM was the financial advisor for Shutterstock, while Raymond James was financial advisor for TurboSquid. The transaction included $75 million of cash to be paid at the closure of the acquisition.