Inmagine Group, the stock image and assets group that owns 123RF and StockUnlimited, has announced the acquisition of UK-registered online design marketplace TheHungryJPEG (THJ) for an undisclosed amount.
The acquisition that was announced on Wednesday may pave the way for a listing that Inmagine’s 123RF has been targeting in Australia, for a while now .
“We will be announcing some acquisitions soon. We need some time to reconcile the business and then head for a bigger IPO,” the firm’s co-founder Andy Sitt had told this portal recently.
Founded in 2015, TheHungryJPEG.com has grown to become one of the top five online design marketplaces in the world, with over 50,000 products on offer and 300,000 active users. It provides a range of complementary and extended graphics services which will support Inmagine Group’s continued growth plans and accelerate entry into new and adjacent markets.
“This acquisition allows Inmagine Group to leverage significant cross-selling opportunities, widen its value add to its clients to cover fonts and graphic bundles while increasing their understanding on what sells well amongst designers,” the announcement said.
Inmagine group’s in-house production team of over 200 employees will work directly on content to be marketed on THJ with the goal of expanding its library even further.
“It’s a win-win for both Inmagine Group and THJ as it leverages on our extensive global network and capability to serve clients who want to market their products and services to millions users around the world,” said Warren Leow, Vice President at Inmagine Group.
Hong Kong registered Inmagine Group has over 450 staff in 40 offices around the globe and has sites like 123RF.com, StockUnlimited.com and Designs.net. To date, 123RF stands as the world’s 4th largest stock image business, drawing 16,000,000 to 18,000,000 visitors a month to its 72,000,000 stock content library.