Jupitermedia Corporation (Nasdaq: JUPM) today announced that it has signed a definitive agreement to acquire PictureArts Corporation (www.picturearts.com) for approximately $63.2 million in cash, subject to certain post-closing adjustments. The acquisition includes PictureArts’ quality brands: Brand X Pictures, FoodPix, Botanica and Nonstock, as well as its image distribution business. Jupitermedia intends to finance the purchase price with cash on hand and borrowings under a senior credit facility with JPMorgan Chase Bank, N.A. to be obtained in connection with the transaction. The transaction is expected to close during the third quarter of 2005 and is subject to customary closing conditions, including regulatory approvals.
PictureArts Corporation, a distinctive source for unique images, creates, licenses and distributes outstanding images through specialized collections. Founded in 1984 by husband and wife team Jeffrey Burke and Lorraine Triolo, PictureArts offers a variety of resources to advertisers, designers, publishers and other communications professionals and provides appropriate image solutions for their visual communication needs. PictureArts distributes its own Brand X Pictures brand (www.brandxpictures.com), an outstanding collection of high-end, royalty-free stock photography. PictureArts’ FoodPix brand (www.foodpix.com), a leading specialty library of rights-managed food and beverage images, features images from many internationally renowned photographers. PictureArts also includes the Botanica collection (www.botanica.com), a rights-managed photography collection that focuses on a wide array of refreshing botanical images mixed with current lifestyle concepts and trends. PictureArts’ Nonstock brand (www.nonstock.com) is an innovative, rights-managed photography collection with one focus: avoiding the ordinary. PictureArts has over 75 employees and is headquartered in South Pasadena, California. PictureArts also has a sales and creative office in New York City and serves its international base of customers through multiple distribution channels worldwide.
“PictureArts represents JupiterImages’ most significant move to date toward being able to offer the highest quality rights-managed and royalty-free commercial images. Combining JupiterImages’ already significant wholly owned digital photo collection and distribution network with PictureArts’ image assets unquestionably makes JupiterImages the equal to any competitor in the business of commercial image licensing worldwide. PictureArts’ specialty collections in the food and nature categories, as well as its other noted rights managed offerings, further enhance JupiterImages’ standing, particularly with high end photo buyers,” stated Alan M. Meckler, Chairman and CEO of Jupitermedia Corporation. “Founders Jeff Burke and Lorraine Triolo and their key lieutenants have built one of the most significant image companies in the world today and we are pleased that this talented and motivated team will join JupiterImages. Furthermore, JupiterImages intends to keep all existing distribution and contributor agreements in place. We anticipate significant marketing and business synergies between PictureArts and our JupiterImages division. We expect that this acquisition will be accretive to our earnings,” added Meckler.
“Joining forces with the JupiterImages team is an extraordinary opportunity for PictureArts,” stated Jeffrey Burke, CEO of PictureArts. “Our companies have similar objectives and complementary business models. This combination makes us both much stronger in the stock image business and will enable us to increase the range of imagery and level of service that we provide to our customers. Lorraine and I, and our very talented staff, are excited to be joining the JupiterImages team. Further, we believe this transaction represents an excellent opportunity for our nearly 1,000 contributing photographers,” added Burke. Following closing, in addition to his PictureArts responsibilities, Burke has accepted the position of Senior Vice President, Product Strategy for JupiterImages. Lorraine Triolo will remain active in her current role as PictureArts’ Creative Director.
This article was last modified on March 24, 2022
This article was first published on July 6, 2005
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