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		<title>Shutterstock, New York City&#8217;s First Tech IPO in Years, Goes Swimmingly</title>

		<comments>http://betabeat.com/2012/10/shutterstock-ipo-new-york-stock-exchange-jon-oringer/#comments</comments>
		<pubDate>Fri, 12 Oct 2012 16:00:15 -0400</pubDate>
					<link>http://betabeat.com/2012/10/shutterstock-ipo-new-york-stock-exchange-jon-oringer/</link>
			<dc:creator>Kelly Faircloth</dc:creator>
				
		<guid isPermaLink="false">http://betabeat.com/?p=66253</guid>
		<description><![CDATA[<p><div id="attachment_66280" class="wp-caption alignleft" style="width: 271px"><a href="http://nyobetabeat.files.wordpress.com/2012/10/jon-oringer-photo.jpeg"><img class="size-medium wp-image-66280" title="Jon.oringer.photo" alt="" src="http://nyobetabeat.files.wordpress.com/2012/10/jon-oringer-photo.jpeg?w=261" height="300" width="261" /></a><p class="wp-caption-text">Mr. Oringer. (Photo: Twitter)</p></div></p>
<p>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 <a href="http://www.bloomberg.com/news/2012-10-11/shutterstock-surges-after-ipo-priced-above-range-at-17.html">since 2010</a>, 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.</p>
<p><em>Businessweek </em><a href="http://www.businessweek.com/news/2012-10-11/shutterstock-surges-after-ipo-priced-above-range-at-17">reports</a> 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.</p>
<p>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.</p>
<p>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. <!--more--></p>
<p>"It allows us to continue to be the great company we are already," Mr. Oringer cheerfully chirped of the public offering. Getting a little more illuminating, he added that the company had been profitable for years, and added, "It's an added flexibility. It's an extra thing that's going to help us move along."</p>
<p>"Having the currency, having the strong balance sheet, reaching a status where we can walk into really, really big companies and say, 'we're going to be around for a long time,' will help us," he said.</p>
<p>Perhaps that's why Mr. Oringer hadn't let the Facebook face plant worry him--or so he told us, saying, "I started this nine years ago. I'm thinking about the next nine years." He denied that<a href="http://www.msnbc.msn.com/id/49295841/ns/technology_and_science-tech_and_gadgets/t/facebook-ipo-lawsuits-be-heard-new-york/"> the controversy </a>over NASDAQ's handling of Facebook had influenced the Shutterstock team's decision-making process. Rather, the New York Stock Exchange had simply been the best fit.</p>
<p>"We met with their team, we liked their team, we saw their technology, we liked their technology, they're right next door," he said.</p>
<p>But we couldn't help but wonder whether someone might be enjoying a bit of enterprise schadenfreude when Mr. Oringer added, "We sell a business product, we sell a commercial product to other businesses. Businesses are not just going to stop needing images." That's the Shutterstock pitch, in essence: The increasing rate at which we consume content on mobile devices means the demand for digital images is only increasing.</p>
<p>Now, Shutterstock has its eye trained on video. "We're going to be there to serve this larger and larger demand," promised Mr. Oringer.  Video currently only accounts for a few million out of Shutterstock's revenues--which totalled $120 million in 2011--but "it's early days." He cited the example of a Miami real estate agency that, in search of a competitive advertising advantage, considered hiring a helicopter to shoot the South Beach skyline. That would have cost thousands. Instead, they used Shutterstock, which set them back a mere $50.</p>
<p>Next week, he'll be stopping by the New York Stock Exchange to ring the bell. It'll be a short trip, as the company's offices are just down the block on Broad Street.</p>
]]></description>
		<content:encoded><![CDATA[<p><div id="attachment_66280" class="wp-caption alignleft" style="width: 271px"><a href="http://nyobetabeat.files.wordpress.com/2012/10/jon-oringer-photo.jpeg"><img class="size-medium wp-image-66280" title="Jon.oringer.photo" alt="" src="http://nyobetabeat.files.wordpress.com/2012/10/jon-oringer-photo.jpeg?w=261" height="300" width="261" /></a><p class="wp-caption-text">Mr. Oringer. (Photo: Twitter)</p></div></p>
<p>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 <a href="http://www.bloomberg.com/news/2012-10-11/shutterstock-surges-after-ipo-priced-above-range-at-17.html">since 2010</a>, 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.</p>
<p><em>Businessweek </em><a href="http://www.businessweek.com/news/2012-10-11/shutterstock-surges-after-ipo-priced-above-range-at-17">reports</a> 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.</p>
<p>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.</p>
<p>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. <!--more--></p>
<p>"It allows us to continue to be the great company we are already," Mr. Oringer cheerfully chirped of the public offering. Getting a little more illuminating, he added that the company had been profitable for years, and added, "It's an added flexibility. It's an extra thing that's going to help us move along."</p>
<p>"Having the currency, having the strong balance sheet, reaching a status where we can walk into really, really big companies and say, 'we're going to be around for a long time,' will help us," he said.</p>
<p>Perhaps that's why Mr. Oringer hadn't let the Facebook face plant worry him--or so he told us, saying, "I started this nine years ago. I'm thinking about the next nine years." He denied that<a href="http://www.msnbc.msn.com/id/49295841/ns/technology_and_science-tech_and_gadgets/t/facebook-ipo-lawsuits-be-heard-new-york/"> the controversy </a>over NASDAQ's handling of Facebook had influenced the Shutterstock team's decision-making process. Rather, the New York Stock Exchange had simply been the best fit.</p>
<p>"We met with their team, we liked their team, we saw their technology, we liked their technology, they're right next door," he said.</p>
<p>But we couldn't help but wonder whether someone might be enjoying a bit of enterprise schadenfreude when Mr. Oringer added, "We sell a business product, we sell a commercial product to other businesses. Businesses are not just going to stop needing images." That's the Shutterstock pitch, in essence: The increasing rate at which we consume content on mobile devices means the demand for digital images is only increasing.</p>
<p>Now, Shutterstock has its eye trained on video. "We're going to be there to serve this larger and larger demand," promised Mr. Oringer.  Video currently only accounts for a few million out of Shutterstock's revenues--which totalled $120 million in 2011--but "it's early days." He cited the example of a Miami real estate agency that, in search of a competitive advertising advantage, considered hiring a helicopter to shoot the South Beach skyline. That would have cost thousands. Instead, they used Shutterstock, which set them back a mere $50.</p>
<p>Next week, he'll be stopping by the New York Stock Exchange to ring the bell. It'll be a short trip, as the company's offices are just down the block on Broad Street.</p>
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