IPO Party

Shutterstock, New York City’s First Tech IPO in Years, Goes Swimmingly


Mr. Oringer (Photo: Twitter)

Yesterday was the first IPO of a New York-based tech company since May’s Facebook fiasco. In fact, it was the first IPO of a New York-based tech company since 2010, says Bloomberg News. Stepping up to try her luck: stock photo marketplace Shutterstock, which debuted on the New York Stock Exchange under the ticker SSTK. Jitters notwithstanding, things seem to have gone respectably well.

Businessweek reports that the company sold 4.5 million shares at $17 a pop, giving the company a market cap of $558.3 million, and they closed up 27 percent, at $21.66.

When Betabeat spoke to founder and CEO Jon Oringer, he sounded pleased as punch. “Everyone at Shutterstock is very excited. I’m excited. It all worked out great,” he said.

In its nine-year history, Shutterstock has sold a whopping 250 million images. Last year it made $120 million in revenue and paid out $30 million to its 35,000 contributors. The company, which has 250 employees, now sells two images every second.  Read More

All the jobs

Tech’s Unemployed Flock To 7 World Trade Center To Try Their Luck

Patrick Duggan (Photo: twitter.com)

New York’s unemployed tech talent and soon-to-graduate comp sci students assembled on the 10th floor of 7 World Trade Center today with the hopes of snagging a job at the NYC Startup Job Fair. Betabeat attended the early session that was reserved for developers and engineers, which meant we missed the arrival of City Council Speaker Christine Quinn, who apparently greeted the crowd by saying, “It’s never been a better time to be a tech startup in New York City.” Judging from this fair, no one could disagree–it looked pre-recession, to say the least.

The jobless in attendance followed a snaking hallway lined with companies that were actually physically grabbing at programmers in order to draw them into their company’s pitch. At the end of the slender maze, a room opened up that looked way more like a recognizable job fair with four rows of tables.

Two cops stood in front of the sprawling windows overlooking the 1 World Trade Center construction site and 9/11 memorial. They were sporting a silly look on their faces that seemed to say, “These were the kids I beat up in high school?” Read More