Spain鈥檚 Freepik Company has swooped to acquire Oxford-based Videvo.
The parent company behind freemium illustrations (Freepik), icons (Flaticon), presentation templates (Slidesgo) and an online editor (Wepik) is based in Malaga.
The deal sees Freepik enter the freemium video and audio categories.
Videvo, founded in 2012, offers more than 500,000 freemium videos, audio clips and motion graphics and currently has more than 650,000 users – mainly from the USA, Canada, Australia and the UK.
Turnover has increased more than 40% in the last two years after Videvo introduced a subscription plan.
鈥淭his acquisition is a key step towards our ambition of becoming leaders in the video segment,鈥� said Carlos Mar铆n, chief strategy officer at Freepik Company.聽
鈥淔reepik Company鈥檚 products are present in 99% of the countries worldwide and we already lead the freemium markets in which Freepik, Flaticon and Slidesgo are present.聽
鈥淲e intend to do the same with Videvo in the stock video category and, thanks to the integration with Freepik Company, we expect to more than double Videvo鈥檚 revenue in the upcoming years.聽
鈥淲e are thrilled to have the whole Videvo team joining us and pushing towards our shared vision.鈥�
MediaTech 50 – UK’s most innovative media technology creators for 2022
Videvo is now the official brand for Freepik Company鈥檚 stock video and audio product, which will be led by CEO and founder Tom Limb.
It adds eight UK-based employees to the parent company鈥檚 450+ team.
鈥淏ecoming part of Freepik Company is an exciting adventure for us, we have achieved important milestones and positive results in these 10 years and now is the time to strengthen our position in the stock video market with the support and reach of the strongest player in the industry,鈥� said Limb.