02 May Madison's PunchStock acquired by Getty Images
Madison, Wis. – PunchStock, a Madison-based stock image distributor, has been acquired by Getty Images of Seattle, according to a report in pdn online.
Terms of the deal were not disclosed.
The acquisition reportedly is part of a business strategy for Getty Images to operate three different web sites for a range of customers.
PunchStock employs 60 people and has offices in Madison, New York, and the United Kingdom. It offers royalty-free images and distributes third-party libraries owned by Getty Images, Corbis, Jupitermedia, and other companies.
PunchStock CEO Miles Gerstein told pdn online that he will remain at PunchStock for a few months to help with the transition, and that for now it is “business as usual.”
Responding to an e-mail inquiry, Gerstein repeated that there would be no changes for now, and indicated that PunchStock is a “going-forward brand and website in Getty Image’s multi-website platform.”
Asked about the potential impact on PunchStock employees and locations, Deb Trevino, a spokesperson and vice president of communications for Getty Images, said the company will be working on an integration plan over the next several weeks, and it anticipates there will be duplication and overlap.
Getty Images reported quarterly revenues of $212.6 million in the first quarter of 2006.
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