NEW ORLEANS— Shutterstock, Inc., a leading global creative platform offering full-service solutions, high-quality content, and tools for brands, businesses and media companies, announced that it entered into a definitive agreement to acquire TurboSquid, Inc., positioning Shutterstock as the world’s largest 3D marketplace, and further leveraging New Orleans talent.
“This is personal for GNO, Inc., and really for the entire region. TurboSquid’s commitment to Greater New Orleans has been unmatched, and for 20 years, they have led our growth as a destination for digital technology companies,” said President and CEO Michael Hecht of Greater New Orleans, Inc. “We are excited for Matt and the TurboSquid team, not only for their individual success, but also because their exit event helps validate the entire entrepreneurial ecosystem in Greater New Orleans.”
Founded in New Orleans over 20 years ago, TurboSquid has been a 3D industry leader, offering a unified 3D workflow, and operating a marketplace offering of more than one million 3D models, a 2D marketplace derived from 3D objects, and a digital asset management solution offered on a SaaS basis. Since its inception in 2000, TurboSquid has enabled the creation, optimization, publishing and monetization of 3D models, while accelerating time to market and reducing development hours via its proprietary technology.
“Becoming part of Shutterstock is an excellent outcome for TurboSquid’s employees and shareholders. It will allow the company to leverage Shutterstock’s mass market scale, grow its business, and deploy internally developed digital asset management tools on an enterprise scale,” said Co-Founder Andrew Wisdom. “When Matt and I co-founded TurboSquid 20 years ago, we felt strongly that the company would have value for a strategic acquirer, and we are delighted that it is Shutterstock.”
“The acquisition of TurboSquid is a testament to the innovation and growth happening here in New Orleans, even in the midst of COVID-19,” said Mayor LaToya Cantrell. “It is great to see our local tech and business leaders like Matt Wisdom, who is also my classmate in the Aspen Institute’s Henry Crown Fellowship, attract global brands to our market. We look forward to welcoming Shutterstock to our city and increasing job opportunities within our growing tech industry.”
The acquisition of TurboSquid establishes Shutterstock as the premium destination for 3D models. In addition, TurboSquid’s PixelSquid offering provides access to content sourced from 3D models in an easy-to-use 2D format, which allows users to tap into the power and flexibility that comes with 3D. TurboSquid’s SaaS offering, Kraken, is a turnkey solution that companies use to manage their own libraries of models and streamline 3D asset management.
“LED views TurboSquid’s acquisition by Shutterstock as clear recognition of Louisiana’s ability to grow exceptional digital media and information technology enterprises,” said LED Secretary Don Pierson. “As an early participant in our Digital Interactive Media and Software Program, the strongest of its kind in the nation, TurboSquid’s success was achieved in partnership with LED and New Orleans. Without question, TurboSquid demonstrates what technology companies find in Louisiana: a creative environment, dedicated and talented IT employees, and a competitive advantage. We look forward to working with Shutterstock and Turbosquid leadership and writing the next chapter of their success story here in New Orleans.”
New Orleans has positioned itself as a leading destination for entertainment production, and the expanding digital media sector in New Orleans has made the city one of the fastest-growing markets in the country. In addition, Greater New Orleans is #5 and #3 in the USA for African-Americans and women in technology jobs per capita, respectively.
“For more than 20 years, TurboSquid has been a pillar of the New Orleans technology community, driving innovation in the 3D image industry,” said Quentin L. Messer, Jr., president and CEO of the New Orleans Business Alliance. Their acquisition by Shutterstock is a testament to their long-term leadership and success, and a nod to New Orleans’ valuable technology ecosystem. We congratulate the TurboSquid team on a successful and substantial exit, and welcome Shutterstock, as they grow their presence in New Orleans.”