“There is a change going on in the city that is leveraging the inherent strength in New York," said Frank Rimalovski, managing director of New York University’s Innovation Venture Fund, which manages $20 million to invest in technologies developed by NYU’s students and faculty. Oringer’s rising fortune coincides with an uptick in New York’s technology sector. The arrangement has allowed Shutterstock to keep its capital expenditures low and its talent pool deep. The site’s contributors-photographers, illustrators and artists who so far have been paid more than $150 million, according to the company-retain ownership of their copyrights. Unlike Getty and Corbis, Shutterstock doesn’t own its content. and Corbis Corp., which is owned by Cascade Investment LLC, the holding company controlled by billionaire Bill Gates. and Fotolia LLC, and photo archives managed by Seattle-based Getty Images Inc. The company competes with online image marketplaces such as iStockphoto Inc. Shutterstock estimates that the market for digital imagery will grow to $6 billion in 2016 from $4 billion in 2011, according to documents filed with the US Securities and Exchanges Commission.
“When you compare it to the recent tech IPOs, it’s one of the few that has a proven track record of profitability." “It’s one of the most solid companies in the Internet space," said Sequin. Net income rose 117% to $47.5 million last year, while revenue increased 41% to $169.6 million.
Today, the company sells images to 750,000 customers in more than 150 countries for use on websites, as well as for digital or printed marketing materials, according to the company. In a day, I could easily take thousands." “I would go all over the world and take pictures. “I shot images of everything I could find over the course of a year," said Oringer. Oringer founded Shutterstock in 2003 with 30,000 of his own pictures. Shutterstock shares were up 4.1% to $55.78 as of Friday’s close in New York. bought New York-based blogging network Tumblr Inc. Stratasys Ltd, an Eden Prairie, Minnesota-based maker of printers that can create three-dimensional objects, agreed to buy Brooklyn-based MakerBot Industries LLC for $403 million last week. Oringer’s wealth surge comes amid a bull market for acquisitions of New York technology companies. Oringer is the first billionaire to be created in Silicon Alley, a collection of technology start-ups in New York, according to Andre Sequin, an analyst at RBC Capital Market. Shutterstock has more than tripled since selling shares in an initial public offering last October.
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