Malaysia: Digital stock media firm Inmagine Group buys two US companies

Inmagine Group's Andy Sitt at DEALSTREETASIA's Asia PE-VC Summit 2017 in Singapore.

Malaysia-based digital stock media firm Inmagine Group has acquired two US-based media entities, Story & Heart, and Vectr, it announced on Monday.

Story & Heart is a filmmaker academy and video licensing platform, while Vectr is an online vector graphics editor which Inmagine acquired through its royalty-free digital stock image arm 123RF.

Founded in 2000 as Inmagine.com, Inmagine Group is registered in Hong Kong and now has over 350 staff in 40 offices worldwide. It owns sites 123RF.com, Pixlr.com, TheHungryJPEG.com, Craftbundles.com, StockUnlimited.com, and Designs.net.

It has been on an acquisition spree this year. In April, 123RF bought Pixlr, a cloud and mobile photo editor, from Nasdaq-listed software firm Autodesk Inc. Earlier, in March, Inmagine announced the acquisition of UK-registered online design marketplace TheHungryJPEG for an undisclosed sum.

Following the latest acquisition, Story & Heart will remain independently operated and driven by the current management team at its headquarters in Portland, Oregon, USA. Its customers include creative, digital and advertising agencies, film studios, television broadcast networks and independent filmmakers.

Vectr is a free graphics editor for web and desktop. It launched its cross-platform software 13 months ago and claims to have more than 400,000 users.

Inmagine Group and 123RF co-founder Stephanie Sitt said both Story & Heart and Vectr will be supported to grow and reach a wider global audience.

“We are building a holistic creative ecosystem that makes great design accessible to all,” Sitt said.

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.

Inmagine wants to make 123RF a public company before 2017 ends. It previously targeted for an ASX listing at a valuation of over $220 million but is now reportedly considering other stock exchanges in developed markets like Hong Kong, US, Japan, Singapore or even London.

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