PhotoShelter, a provider of digital asset management (DAM) software, announced it has acquired Third Light, a U.K.-based DAM software provider.
The acquisition was made in partnership with PhotoShelter’s investor Clearhaven Partners, a software and technology focused private equity firm based in Boston, and less than four months after Clearhaven’s recent growth investment in PhotoShelter. Financial terms were not disclosed.
PhotoShelter powers more than 1,300 enterprises, brands, sports leagues, universities and other diversified organizations in seamless visual media collaboration. From capturing and storing images in real-time, to content delivery and licensing, PhotoShelter’s purpose-built platform powers end-to-end efficiency and speed for the most demanding workflows and storage requirements.
In addition to powering name-brand organizations, PhotoShelter provides more than 80,000 professional photographers with solutions for photo storage, portfolio websites, image delivery and monetization, and more.
By acquiring Third Light, PhotoShelter adds a talented U.K.-based team, picks up its flagship DAM application, Chorus – featuring robust collaboration and work-in-progress tools for creatives, and adds more than 300 global customers. The merger expands PhotoShelter’s DAM capabilities and international market share as the company meets growing global demand for streamlining media cloud storage and creative workflows.
PhotoShelter has been a pioneer in DAM for more than 15 years, from launching the first cloud archive for photographers to becoming the preeminent platform for organizing, accessing and sharing digital assets across creative teams and enterprise ecosystems.
It also created new tools for connecting creative communities with brands across digital platforms and events. Advanced platform capabilities and enterprise security have attracted marquee customers, including Major League Baseball, NASCAR, Special Olympics, Delta Airlines, Sports Illustrated, NCAA Photos, FreshDirect, and The PGA TOUR, among hundreds more.
Third Light’s products are recognized for enabling streamlined content exchange across creative teams, powerful search tools, unique features such as desktop sync and a variety of marketing-tech integrations that make them the central source of truth for visual assets. Third Light’s proprietary product suite and customer service adds valuable capabilities to PhotoShelter’s platform and has earned Third Light customer relationships with respected organizations such as Sony, Virgin, Cambridge University, Southampton FC, Infosys, the Ellen MacArthur Foundation, and hundreds more.
The acquisition comes amid growing demand among creatives and organizations who seek faster speed and greater efficiency for organizing and managing digital assets. Management estimates the global total addressable market (TAM) for Digital Asset Management software is approximately $5 billion and growing 20-30 peercent annually, with equal opportunity across the United States and European continents. PhotoShelter has grown its Brands solution at a sustained 45 percent CAGR.
To learn more about PhotoShelter, visit photoshelter.com
