Vistaprint, an American marketing and design company, announced the purchase of 100% of Ukrainian Depositphotos (along with all of its projects Crello, Lightfield, Bird In Flight, and WAS). The agreement is estimated at $85 million, and that makes it one of the most major in the local market in recent years, the outlet AIN.ua reports.
After the transaction completion, Depositphotos will continue to be an independent brand and will develop independently. The online editor Crello will turn into VistaCreate. The office of the company will remain in Ukraine, Vistaprint announced an increase in the number of its staff. Moreover, the new owner promises that Depositphotos is not going to close any projects.
The founder of the Ukrainian company, Dmitry Sergeev, will go out of business completely. Vadim Nekhai, the CEO at Depositphotos, will join the Vista team after the takeover—he will take the position of the Vice-President of Crello transformed into VistaCreate and the photo stock Depositphotos.
"There are a lot of talented engineers, product managers, and marketers in Ukraine, whom we want to strengthen our teams with. The plans also include significant growth in VistaCreate's customer support service to cover all countries and key languages spoken by our users 24/7—both via live chats and calls," the American buyer said.
Negotiations on the agreement between the parties continued for several months, mostly online. They met personally only once—at that time the potential buyers came to Ukraine. The agreement was closed on October 1, 2021.
Context. Recall that last year the Swedish company Embracer Group bought the Ukrainian developer of the popular series of computer games Metro for $36 million.
Depositphotos is an international photo bank, founded by Ukrainian entrepreneur Dmitry Sergeev in 2009 in Kyiv. The company provides services to clients from all over the world, supporting them in 20 languages. The photo stock offers over 90 million royalty-free photos, vector images, and videos.
VistaPrint is a US-based global design and marketing leader serving millions of small businesses around the world. Launched in 1999, it is wholly owned by the Irish Cimpress plc. VistaPrint is headquartered in Venlo, the Netherlands, and has over 5,100 employees worldwide in 13 offices and printeries.