Wix Acquires DeviantArt, for $36M
Summary
Wix.com Ltd. (Nasdaq: WIX), a Tel Aviv, cloud-based web development platform with more than 100m registered users worldwide, has acquired DeviantArt, a Los Angeles, CA-based large online community dedicated to artists, art enthusiasts and designers, for approximately $36m in cash.The acquisition gives Wix new opportunities in key growth areas including product development, brand recognition and increased traffic potential.It will provide DeviantArt users with access to tools specifically designed to enable emerging artists to create and showcase their creativity online and build their brands.At the same time, Wix creatives and designers will have access to DeviantArt’s community of tens of millions of visual artists.As part of this acquisition, Angelo Sotira, Co-founder and CEO of DeviantArt, will join the Wix management team.