VistaPrint.com, Inc completed the acquisition of Depositphotos, Inc from TMT Investments PLC and others.
October 30, 2021
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VistaPrint.com, Inc signed a definitive conditional agreement to acquire Depositphotos, Inc from TMT Investments PLC (AIM:TMT) and others for $85 million on September 17, 2021. TMT Investments will receive a total cash consideration of approximately $14.3 million, including the hold-back amount of approximately $1.4 million payable within approximately 12 months of the completion of the transaction. As of October 5, 2021 TMT confirms receipt of the initial consideration of $12.9 million. The transaction also includes Depositphotos' subsidiary, Crello, which will be rebranded under Vista as VistaCreate. The Depositphotos content marketplace will remain to operate as a separate brand. Vadim Nekhai, the former Chief Executive Officer of Depositphotos, joins the Vista team and will continue to lead VistaCreate and Depositphotos reporting to Executive Vice President and President of International for Vista, Florian Baumgartner.
The completion of the disposal is subject to various conditions being satisfied, which include, inter alia, certain competition approvals, with the parties anticipating completion of and receipt of the initial consideration by the company in connection with, the disposal before the end of 2021. James Bellman and James Dance of Strand Hanson Limited acted as financial advisor to TMT Investments PLC.
VistaPrint.com, Inc completed the acquisition of Depositphotos, Inc from TMT Investments PLC (AIM:TMT) and others on October 1, 2021. Baker & McKenzie LLP acted as legal advisor to Depositphotos
TMT Investments Plc is a venture capital company. The Company invests in technology companies globally across a number of core specialist sectors. The Companyâs objective is to generate an attractive rate of return for shareholders, predominantly through capital appreciation, by investing in primarily venture capital and private equity opportunities in the Technology, Media and Telecommunications (TMT) sector. The Company aims to provide equity, debt, and equity-related investment capital, such as convertible loans, primarily to small and mid-sized private companies, which are seeking capital for growth and development, consolidation or acquisition, or as pre-initial public offering (IPO) financing. It has a diversified investment portfolio of over 55 companies. It focuses on identifying attractive investment opportunities in the various segments of the TMT sector, such as Big Data/Cloud; software-as-a-service (SaaS); Marketplaces; EdTech; E-commerce; FinTech, and FoodTe.