Goodwin Procter attorneys recently advised TA Associates, its portfolio company Fotolia and Fotolia’s CEO and Co-Founder Oleg Tscheltzoff on the announced sale of Fotolia to Adobe for an enterprise value of $800 million. The transaction is expected to close in the first quarter of 2015. TA and Tscheltzoff own Fotolia together with the Company’s largest shareholder, KKR. Financial terms of the transaction were not disclosed.
TA Associates, based in Boston, Mass., is a global growth private equity firm that leads buyouts and minority recapitalizations of companies in the technology, financial services, business services, healthcare and consumer industries. The firm has invested in more than 440 companies around the world and has raised $18 billion in capital.
Fotolia, Europe’s leading microstock photo provider, offers over 34 million royalty-free images, vector illustrations and HD videos. Established in 2004, the company makes high-quality, professional images accessible to everybody, starting at less than $1 per image, and offers some of the world’s best images to a variety of customers – from large creative firms, press and publishing houses, to small businesses and entrepreneurs. Fotolia has over 5 million members and is available in 14 languages around the world.
The Goodwin team advising on the transaction was led by partners John LeClaire and Howard Cubell and included associate Jim Mattus.
Additional information regarding the transaction is available in the press release.