Shutterstock announces $245 million acquisition of digital assets provider Envato

In case you missed it, because I know we did at AlternativeTo, Shutterstock, a dominant player in the stock content market, recently announced its plans to acquire Envato, a renowned provider of digital creative assets and templates, for a cash transaction of $245 million.

Envato is widely recognized for its multitude of websites offering a variety of digital assets. These include ThemeForest, a repository of website templates and themes; CodeCanyon, a platform for code, scripts, and plugins; VideoHive, a source for stock footage, video effects, and video templates; AudioJungle, offering royalty-free music and audio tracks; GraphicRiver, a marketplace for fonts, logos, and presentations; PhotoDune, a provider of royalty-free stock photos; and 3DOcean, a platform for 3D print models and CG textures.

In addition to these, Envato also operates Envato Elements, a subscription service providing unlimited downloads of a wide range of assets, templates, and more, as well as Placeit, a platform for creating mockups, logos, videos, and designs with ease, and Tuts+, a website with thousands of tutorials.

According to the joint announcement made by Shutterstock and Envato, this acquisition is set to enhance Shutterstock's existing offerings with the addition of Envato Elements. Furthermore, it will broaden Shutterstock's reach to rapidly growing audiences such as freelancers, small businesses, hobbyists, and agencies.