Inmagine Group, the umbrella group that owns Malaysian stock image and assets group 123RF has acquired UK-registered online design marketplace TheHungryJPEG (THJ) based on a seven-digit U.S. valuation.
Commenting on the acquisition, Warren Leow, the Vice President at Inmagine Group said, “It’s a win-win for both Inmagine Group and TheHungryJPEG as it leverages on our extensive global network and capability to serve clients who want to market their products and services to millions of users around the world.”
Together, the companies will also be able to increase their understanding of the creative ecosystem, learning information regarding the profitable products among designers which will facilitate decision-making in strategies. This lies in addition to significant cross-selling opportunities across both companies’ assets.
Furthermore, TheHungryJPEG’s range of complementary and extended graphics services which include creative assets, fonts, and graphic bundles will also provide support for Inmagine Group’s continued growth plans, accelerating its entry into new and adjacent markets as well as paving the way for a previously delayed listing of 123RF.
“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 said, hinting Inmagine’s 123RF listing to be in Australia.
Founded in 2015, TheHungryJPEG.com has grown to become one of the top five online design marketplaces in the world, with over 50K products on offer and 300K active users. Its core market is the female-centric, design community-based in the US.
TheHungryJPEG claims to be among the top five marketplaces for fonts, graphics and creative bundles with more than 50,000 products and 300,000 users.
Meanwhile, Hong Kong-registered Inmagine Group with over 450 staff in 40 offices around the globe runs the 123RF.com site which stands as the world’s 4th largest stock image business. At present, the site draws has about 72 million stock content library which draws 16 million to 18 million monthly visitors.
It also owns other creative assets including inmagine.com, stockunlimited.com, and designs.net. Collectively, these sites provide over 70 million stock content including photos, videos, audios, vectors and design templates which provide for more than 18 million visitors per month.
Following this partnership, 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.
By Vivian Foo, VCNewsNetwork