The deal was worth $ 85 million.
The Ukrainian company developing the popular Depositphotos photo stock and online editor Crello has changed its owner. It was completely bought by the American company VistaPrint. This is reported by AIN.UA. The $ 85 million deal became the largest transaction in the Ukrainian IT market for the last few years.
Depositphotos will continue to develop as a separate brand, Crello becomes VistaCreate.
At the same time, the project does not leave Ukraine; the new owner's plans even include an increase in the local team. By being part of a global brand, Depositphotos will distribute its products to Vista’s large customer base of over 20 million users. Their contributors will have a chance to share their works and portfolios with a worldwide community, and receive even more international exposure.
VistaPrint acquired 100% of the company's shares, including all projects: Depositphotos, Crello, Lightfield, Bird In Flight and WAS.
The founder of the company, Dmitry Sergeev leaves the company. Vadim Nekhai, who served as CEO, remains at the company and will join Vista as Vice President of VistaCreate (Crello) and Depositphotos, and will continue to lead teams under Vista's President of International Business Florian Baumgartner.
We will be able to provide customers with even more tools and assistance to advance in the digital world. For our Ukrainian team, this is a unique opportunity to gain access to the resources and knowledge of an international corporation.
Vadim Nekhai
He added that VistaPrint has been recognised as one of the best remote work companies and one of the best places to work for LGBTQ people.
Photobank Depositphotos was founded in Ukraine in 2009. For a couple of years the company developed on its own funds, in 2011 it received investments from TMT Investments: $3 million in exchange for 27% of the shares.
In 2012, the company's revenue was already $6 million a year, and in 2015 Depositphotos raised the next round of investments: $4 million from the EBRD and $1 million from TMT. At that time, the company was already valued at $ 82 million. During its existence, Depositphotos raised $8 million.
VistaPrint, a Cimpress company, helps small business owners create expertly designed, up-to-date custom marketing – the assortment of products they need to look and feel professional, prepared and plugged in. The Company also provides e-mail marketing and website designing and hosting services.
