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JupiterImages Adds Another Image Firm

Jupitermedia today announced that its wholly-owned subsidiary, JupiterImages, acquired all shares of BananaStock for approximately $19 million in cash.

Jupitermedia is the parent company of internetnews.com.

"The acquisition of BananaStock's images and business operations further solidifies JupiterImage's position as one of the largest organizations in the business of selling royalty free digital images," Alan Meckler, chairman and CEO of the Darien, Conn.-based Jupitermedia, said in a statement.

The purchase of BananaStock, an Oxfordshire, United Kingdom-based free digital images service, continues Juptiermedia's acquisition trend. In July it purchased California-based stock photography firm PictureArtsCorporation for $62 million.

In February, Jupitermedia acquired Creatas for $38.1 million in cash and stock. Comstock images was acquired in April 2004 by Jupitermedia for $20.85 million in cash.

Meckler said he expects BananaStock's operations to complement Jupitermedia's existing direct sales operations in the U.K. and will enable further expansion of our JupiterImages business throughout Europe.

"We anticipate significant marketing and business synergies between BananaStock and our JupiterImages division as well as our Jupitermedia Properties," Meckler said. "We expect that this acquisition will be accretive to our earnings and cash flows."

JupiterImages has more than seven million images online serving creative professionals with brands, such as Brand X, FoodPix, Botanica, Nonstock, Comstock Images, Creatas Images, PictureQuest, Liquid Library, Thinkstock Images, Thinkstock Footage, Goodshoot, Photos.com, Ablestock.com, PhotoObjects.net, Clipart.com and Animations.com.