News
Imagestate Media secures £2 million investment
Imagestate, the once troubled stock photography business, appears to have rebounded from its financial woes of April-May 2006 when Sheldon Marshall, as CEO of Heritage Partners, acquired the assets and Imagestate brand from the company he helped found. Prior to the purchase by Marshall the company had suspended trading of its shares “pending clarification of the company’s financial position.” Marshall has extensive experience of stock image businesses, including VCG which was sold to Getty for $220 million.
After the acquisition of the Imagestate brand and assets Marshall merged the two businesses (Heritage Partners & Imagestate) under the name ‘Imagestate Media’ which is now operating an archive of more than one million stock images from offices based in London and New York. The company states that the £2 million (just over $4 million USD) investment will enable Imagestate Media to further expand its already comprehensive digital content base and extend Imagestate's offering of still images, to motion and other rich media content.
Jeff Bocan of Beringea commented "We are extremely pleased with our investment in Imagestate Media. The short-term growth opportunities of this recently consolidated business are excellent, particularly under the deeply experienced management team led by Mr. Marshall. The long term attractiveness of this investment is also substantial, given the strength of Imagestate's global distribution platform and their extensive image library. We look forward to helping Imagestate to expand aggressively in the realm of motion and other digital media to meet the needs of the rapidly growing internet advertising market."
Marshall added: "This round of funding will enable Imagestate to provide our clients with better access to our full digital catalogue. The digital content base of professional still and motion based imagery will be expanded comprehensively over the coming months. Imagestate is well positioned to be at the forefront of the next generation of image and content distribution. We look forward to a strong period of growth over the next three years."
According to a press release from October 12th 2007 the old Imagestate PLC, a company under the control of the receivers will cease to exist on January 12th 2008.'
Web: www.imagestate.com
---
Related Stories:
Sheldon Marshall Returns to Imagestate (May 19, 2006)
Imagestate claims business as usual (April 17, 2006)
Imagestate suspends trading pending “clarification of the company’s financial position.” (April 11, 2006)
Management changes at Imagestate (July 21, 2005)
Posted in: News, Stock Photo Companies
