Shutterstock Inc. recently became the first NY tech firm to go public since 2010. According to Crain’s, Shutterstock now has a $750 million market cap. Jon Oringer, CEO and founder of the company said that executives paid close attention to every detail during the IPO, which impressed analysts.
Shutterstock began in 2003 with only a few thousand dollars of Oringer’s own money. He never borrowed from venture capitalists or created relationships with the press. He said, “It was kind of frustrating to read about all these great companies in the news and not be right alongside them. I just figured over all those years that concentrating on our product, on our customer, our contributors and our employees was more important.” Oringer graduated from Columbia University with a degree in computer-science, but considers himself a photographer. He thought of the idea for Shutterstock while running a software company.
Currently, the company sells two images per second and has 10,000 daily uploads. Its library has over 20 million images and illustrations and about 700,000 video clips. In 2011, revenue amounted to $121 million up to 45% from the year before. The subscription feature accounts for half of the company’s revenue and appeals to analysts.