Spain’s 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.
“This acquisition is a key step towards our ambition of becoming leaders in the video segment,” said Carlos Marín, chief strategy officer at Freepik Company.
“Freepik Company’s products are present in 99% of the countries worldwide and we already lead the freemium markets in which Freepik, Flaticon and Slidesgo are present.
“We 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’s revenue in the upcoming years.
“We are thrilled to have the whole Videvo team joining us and pushing towards our shared vision.”
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Videvo is now the official brand for Freepik Company’s 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’s 450+ team.
“Becoming 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,” said Limb.