123RF buys mobile photo editor Pixlr from Autodesk, beefs up portfolio before IPO

In a bid to beef up its portfolio before a scheduled year-end listing, Chicago-headquartered stock image and design business 123RF has acquired Pixlr, a cloud and mobile photo editor from US-based software firm Autodesk Inc. 123RF is largely run out of Malaysia where its top management team resides.

The financial terms of the transaction have not been disclosed.

The acquisition follows the purchase of UK-registered online design marketplace TheHungryJPEG last month by Inmagine Group that owns 123RF.

“With the addition of this powerful and free image editing tool, Inmagine Group, the parent company of 123RF, moves a step closer to its mission of creating a holistic creative ecosystem that makes great design accessible to all,” it said in an announcement on Monday.

Founded in 2008, Sweden-based Pixlr was acquired by Autodesk in 2011. At that time too, Nasdaq-listed Autodesk did not disclose the financial details of the acquisition. However, it had said that the acquisition “enhances Autodesk’s ability to provide image editing for its consumer products, such as the SketchBook product line”.

Pixlr offers a suite of cloud-based image tools and utilities such as photo editing tool Pixlr Editor, Pixlr Express, Pixlr iOS/Android App and Pixlr-O-Matic.

Since acquiring Pixlr, Autodesk has invested in expanding the portfolio and bringing powerful editing tools to millions of users around the world and in the process, growing the user base twenty-fold, the statement said.

However, now as part of its ongoing business model transition, Autodesk has decided to focus development resources on core product portfolio, according to Thomas Heermann, senior director for digital arts at Autodesk.

Meanwhile, this acquisition propels Inmagine Group’s unique monthly active users (MAUs) towards the 50-million mark in addition to a compelling mobile strategy with over 100 million installs of Pixlr mobile apps, creating a new vertically-integrated platform that delivers engaging user experiences to the creative community.

“123RF’s in-house production team of over 200 will begin working to expand the Pixlr content library as a value add to its users, ensuring Pixlr communities will continue to have access to new tools and content,” the company added.

Founded in 2000, the Inmagine Group currently has sites like 123RF.com, TheHungryJPEG.com, StockUnlimited.com and Designs.net. The company is looking to list 123RF by end of this year. While until recently, it was looking for an ASX listing at a valuation of over $220 million, it is now reportedly considering other stock exchanges in developed markets — Hong Kong, US, Japan, Singapore or even London,

In February this year, the company’s co-founder Andy Sitt had told this portal, “We will be announcing some acquisitions soon. We need some time to reconcile the business and then head for a bigger IPO.”  The company later acquired TheHungryJPEG and it has now bought out Pixlr.

Also Read:

Exclusive: 123RF defers listing to year-end; eyes over $220m valuation

Singapore: 123RF, Conversant Solutions raise venture debt from InnoVen Capital

MY: Stock photo startup 123RF acquires design marketplace TheHungryJPEG

 

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.