Successful Acquisition of DeviantArt by Wix
In February of 2017, DeviantArt, an online social community for artists and art enthusiasts was acquired by Israel-based web design company Wix. DeviantArt had received offers in the past, due to both its web community content and its high proportion of young adult users, which are a very attractive group for web use and marketing purposes. However, DeviantArt chose not to go through with previous offers due to the improper fit.
When Wix approached DeviantArt, the two groups had countless discussions and meetings both in Israel and in California regarding both the sale and the future of DeviantArt’s website community. A key deal term for DeviantArt was that it wanted to preserve the spirit of its website community and continue to build it. With Wix, DeviantArt found a group that would continue to grow and make improvements to the DeviantArt product. In addition, Wix was pleased to add DeviantArt as a valuable entity and website community.
Wix Co-Founder and CEO Avishai Abrahami stated, “Over its 16-year history, DeviantArt has built an impressive online community that is incredibly loyal, highly engaged and regularly produces stunning art and design,” he continued “The DeviantArt community is talented and robust and hungry for additional product expertise. We understand their passion, share their creative vision and are excited to offer the power of the Wix platform to their millions of artists.”
Signature Analytics has been supporting DeviantArt with their finance and accounting needs leading up to the transaction. During the transaction, Signature Analytics participated in the due diligence process and coordinated information sharing with Wix investors and their legal and accounting representatives. Signature Analytics was honored to be involved and assist in supporting DeviantArt with its transaction. Wix acquired DeviantArt for $36 million cash. We congratulate Angelo Sotira (CEO and Co-Founder of DeviantArt), Steve Gonzalez (SVP), and the entire DeviantArt team for their successful sale! We look forward to our continued involvement and future successes of DeviantArt and Wix.
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If you are considering or are involved in an acquisition, contact Signature Analytics. Our CFOs have significant deal experience and our team can assist in preparing your financials, organizing your accounting reports, and helping you achieve your goals.
Reback, Gedalyah. “Wix Buys DeviantArt for $36 Million, Planning Integration between Artists and Companies.” Geektime. N.p., 23 Feb. 2017. Web. 03 Mar. 2017.