Investment in Content Technology Pioneer Will Accelerate Product Innovation and Growth
PhotoShelter, Inc. (“PhotoShelter” or the “Company”), a leading provider of digital asset management (DAM) software for organizations and creative professionals, announced that it has received a significant growth investment from Clearhaven Partners, a dedicated software and technology focused private equity firm based in Boston. The partnership with Clearhaven will drive innovation and growth of PhotoShelter’s cloud-based digital asset management solutions for brands and photographers. Financial terms were not disclosed.
Founded in 2005, PhotoShelter’s purpose-built SaaS solutions enable enterprises and professionals to store, organize, access and share digital assets across their ecosystems seamlessly and in real time. PhotoShelter’s customers benefit from improved content workflows and greater speed and efficiency, transforming the way creative people work. The Company is the partner of choice for over 1,300 enterprises and 80,000 professional photographers, including Delta Air Lines, Major League Baseball, the Associated Press, NASCAR, Special Olympics, NCAA Photos, FreshDirect, Sports Illustrated, and leading colleges and universities.
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Clearhaven Partners (“Clearhaven”) is a Boston-based private equity investment firm focused exclusively on growth-oriented software and technology businesses. Clearhaven invests thematically and works closely with its portfolio companies to accelerate value creation and help companies realize their full potential.
“I am extremely excited about PhotoShelter’s next phase of growth in partnership with Clearhaven,” said Andrew Fingerman, CEO of PhotoShelter. “Clearhaven’s sector specialization and approach to providing their companies with operational support will enable us to accelerate innovation across our platform, continue to foster our loyal community of creative storytellers, and provide excellent customer experiences in the rapidly growing DAM market.”
Christopher Ryan, Managing Partner at Clearhaven Partners, commented, “As long-term software investors we seek out differentiated and scalable businesses. Our partnership with PhotoShelter and its management team fits squarely into our strategy of backing successful companies who seek an operationally oriented investment partner. As partners to management, we are enthusiastic to support the Company’s continued growth trajectory in this next phase of its journey.”
“PhotoShelter is a direct fit for Clearhaven’s investment thesis in enterprise data and content proliferation,” mentioned Michelle Noon, Co-Founder and Managing Partner of Clearhaven. “The Company’s highly discerning customers have already validated that PhotoShelter’s scalable SaaS solutions meaningfully streamline visual asset workflows with speed and security for daily enterprise use cases. It’s on this foundation of existing success that we look forward to our partnership with the PhotoShelter team to support the Company’s growth in a market with increasingly rapid adoption.”
The digital asset management market is growing upwards of 30% per year as businesses and professionals seek to organize and manage their valuable digital assets. PhotoShelter, a category leader in G2’s Digital Asset Management Software rankings, has seen a significant increase in new business, adding nearly 200 organizations to its customer base in the first half of 2021, recording a nearly 60% increase year over year.
PhotoShelter is a pioneer in visual media cloud storage and distribution for enterprises and professionals. As a trusted and reliable creative technology partner, PhotoShelter currently maintains over 4.3 billion visual media assets, exceeding 18 petabytes of data under management, representing one of the largest collections of professionally captured content in the world. The Clearhaven Partners investment will accelerate platform development and allow PhotoShelter to continue its mission of transforming how creative professionals work.
Lightning Partners served as the exclusive financial advisor and Foley Hoag LLP acted as legal counsel to PhotoShelter. Kirkland & Ellis LLP acted as legal counsel to Clearhaven Partners in the transaction.
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