![]() Its capitalization estimate was $10 million. For two years, the startup has developed with its own funds, and in 2011, they got investment from TMT Investments: $3 million for the 27% share. In the same year, Sergeev launched his new project - Depositphotos. The exact value of the deal is still unknown, but the media say $2 million would be too much. The first significant project of Sergeev was the DepositFiles web hosting service. The Executives that participated in the deal have got large bonuses. After closing the deal with VistaPrint, all option holders could realize them. The answer was that all current projects continue their work.ĭepositphotos added that there was an option pool due to EBRD’s investment, and now it is split between the Executives of the company. We also have asked about the fate of the Lightfield studio and Bird In Flight and WAS publishers. The company also plans to expand the VistaCreate 24/7 customer service in all countries and main languages with both live chats and hotlines.” “In Ukraine, there are many talented engineers, product managers, and marketers who can reinforce our teams. The company also confirmed to AIN.UA that they want to hire preferably in Ukraine: Team in UkraineĪfter the deal, the Ukrainian company plans to extend the personnel and hire workers for Depositphotos and VistaCreate, or other VistaPrint products if needed. If you will make a wrong decision, the risk of loss is too high,” Sergeev said. In my opinion, it looks like a perfect theoretical business scenario of the fusion with a large player to win the market together. I believe that VistaPrint will empower Depositphotos and Crello accordingly. “Apart from the profit, my personal motivation is to give the team and the product a chance not only to solidify their market share but also transform into a competitive product within the short period of time and become a market leader. The Depositphotos team sees here a possibility to strengthen their market share:.For that purpose, they purchased a designer marketplace in October 2020 and recently bought Depositphotos. During that transformation, VistaPrint will develop the full-stack design. For VistaPrint, this deal is a part of their $250-million transformation plan.But because of waiting for the Ukrainian Anti-Monopoly Committee’s approval, it happened a bit later, on October 1, 2021. The deal was planned to be closed in autumn 2021. There was only one offline meeting in Kyiv with European and American representatives of VistaPrint. The negotiations, due diligence, and closing of the deal took several months - almost all procedures have been done remotely. Now the ex-manager of Depositphotos, Vadym Nekhai, will join Vista as the VistaCreate (Crello) and Depositphotos VP and continue to lead both teams under the supervision of the Vista International Business President, Florian Baumgartner.Īccording to Dmitry Sergeev, VistaPrint has initiated the deal with Depositphotos.Founder, Dmitriy Sergeev, is leaving the management of the company. ![]() TMT Investments sold its stake in Depositphotos at the beginning of October: 16.7% was sold for $14.3 million.All of them supported my plan and our team, and I gave the investors a chance to quit,” said Dmitry Sergeev, founder of Depositphotos. For the investors, the deal with Cimpress was a real chance to quit the business and make money. The venture business is about discovering the right moment to enter business and then quitting it with profit. ![]() “Some of our investors were with us for a very long time, for example, TMT Investments 10 years, the EBRD 6 years. All former shareholders, including the EBRD and TMT Investments, agreed on the deal:.VistaPrint purchased 100% of Depositphotos, including all its projects, for $85 million: Depositphotos, Crello, Lightfield, Bird In Flight, and WAS. ![]() Terms of the deal between VistaPrint and Depositphotos It has 17 million small business clients, serviced by 29 offices around the world, and employs about 6,000 people. Since then, it has grown into a business with an annual revenue of over $1.4 billion. The company was founded by a French entrepreneur, Robert Keane, back in 1998. Its divisions deal with content for Facebook, Instagram, TikTok, and other social media -developing logos, websites, and other branded materials, and printing all promotional materials: from stickers and packaging to banners. VistaPrint’s main clients are small businesses worldwide, and it has a wide range of design and printing services. It is part of Cimpress, which is listed on the Nasdaq. VistaPrint is a major US-based company in the design and marketing industry. Dmitry Sergeev, Photo: Olha Zakrevska for AIN.UA The acquiring company
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