Stock media company Storyblocks announced that it has entered into an agreement to be acquired by Boston-based private equity firm Great Hill Partners for an undisclosed amount.
Arlington-based Storyblocks first launched in 2009 by Joel Holland as VideoBlocks, a subscription-based stock video service with the goal of providing budget-conscious content for video editors. The company has since rebranded to provide video, audio and images through a subscription model that offers unlimited downloads.
This acquisition will allow Storyblocks to extend its current capabilities and product offerings, per a press release. The company will continue to operate as its own entity and will retain all of its employees, TechCrunch reported.
“We have seen dramatic changes to workflows for customers ranging from freelancers to small businesses to major production studios in recent years as they adapt to an ever-increasing demand for high-quality video content,” said Storyblocks CEO TJ Leonard in a statement. “We are excited to partner with the Great Hill team because we share the belief that creatives are hungry for a new model to meet these new needs.”
Since its inception, Great Hill Partners has invested in 75 companies, including backing Fairfax, Virginia-based Custom Ink. The private equity firm targets “investments of $25 million to $500 million in high-growth companies,” and its known for spinning its portfolio companies back out after shown growth, according to TechCrunch.
“Flexible, affordable, high-quality content has become a prerequisite for individuals and creative teams looking to leverage social media and video platforms,” said Great Hill Partners managing partner, Michael Kumin. “Storyblocks is uniquely positioned as a dynamic category leader to serve creatives as the industry continues to evolve.”
The stock media company reported that it has seen downloads for its digital content more than double since 2020 started, due in part to the COVID-19 pandemic. Storyblocks has raised $18.5 million in venture capital to date, including early investments from Updata Partners and QED Investors.
Leonard told TechCrunch that Storyblocks is profitable and wasn’t actively seeking venture capital or an acquisition. This deal was ” simply a logical progression,” he said.