Right after the announcement of their website improvements Masterfile has announced it has been acquired by Arius 3D
Arius3D Corp. (TSXV:LZR) said Friday it has agreed to buy stock photography still image provider Masterfile Corp. for $21.4 million in cash.
Arius3D, which produces interactive three-dimensional images, said the addition of Masterfile will help it develop a distribution framework for its products.
Masterfile, a former subsidiary of the Toronto Sun newspaper, has about 100 employees and annual revenues or about $22 million.
“Masterfile’s completely redesigned website released in July 2011 is the perfect platform to showcase 3D content on the Internet,” Arius3D CEO John Wood said in a statement.
“Users of the new class of consumer computing devices are demanding rich and interactive content, but 2D photographs are not interactive. 3D content provides the solution and we believe the potential growth in demand for 3D content could replicate or exceed that of 2D stock photo content.”
Masterfile will continue to operate under the direction of founder and president Steve Pigeon.
Under terms of the deal, Masterfile can opt to receive $12 million of the purchase price in stock