Melbourne tech company Envato is further expanding its design offering, acquiring Mexican startup Placeit for an undisclosed amount.
Founded in 2012, the Guadalajara company provides 50,000 paying customers including Google, Facebook, and Oracle with digital mockup and template tools. Similar to the likes of Canva, the platform allows users to easily create and edit templates for everything from logos to t-shirts and social media posts.
Stating more than 87 percent of its customers come from outside Mexico, the company reports it has sold more than seven million templates, with its most recently recorded annual recurring revenue (ARR) over US$3 million ($4 million).
With Envato’s subscription business Envato Elements boasting an ARR of $21 million, Envato cofounder and CEO Collis Ta’eed, said the acquisition extends Envato’s offering in “a big way”.
“With Placeit we’re opening up Envato’s creative magic to absolutely anyone. Whether it’s an entrepreneur just getting started, a marketer working on their own, or just a pro user who doesn’t want the hassle of opening Photoshop – Placeit is just plain fun and simple to use,” he said.