ImageState acquired International Stock Photography Ltd, for cash in October.
International Stock, founded in 1981, is based in New York and operates in the Rights
Protected segment of the still photography business serving the advertising, design,
corporate and publishing markets with its library of over one million high quality
images. It also licenses the images through a sub-agent network around the world.
Usually reliable sources indicate that International Stock's gross revenue in 2000 was
in the range of $2.5 million and that the price paid for the company was equivalent to
about four months sales.
In the past year, ImageState has acquired a number of rights protected and royalty free
image libraries including Adventure Photo & Film, West Stock, Zephyr Images, John Foxx
Images and Images Colour Library. These diverse and tightly edited libraries have been
fully integrated under the " ImageState " brand.
ImageState has also launched its fully transactional web site (www.imagestate.com).
International Stock Photography will be fully integrated into ImageState and all
international sales operations will be transferred to London by the end of 2001.
Selling Stock estimates that the gross revenue of all the Image State properties,
including International Stock, will be in the neighborhood of $12 million annually.
Sheldon Marshall, CEO of ImageState, says "I am delighted with the acquisition of
International Stock Photography Ltd as we believe that it is a key component in the
groups development, further consolidating ImageState's position in the important New
York market. I am also pleased to announce that both John Macfie Jr. and Donna Sickels
and all key staff will remain with the company, strengthening our core management,
sales and creative teams."
"ImageState now has a major creative and sales presence in the key markets of London,
New York and Seattle providing our customers with exclusive rights protected and
royalty free images, video and music. This will establish ImageState as one of the
premier suppliers of digital content and a natural choice for desktop and media buyers
worldwide."
ImageState has offices in Seattle, New York and London with an international agent
network spanning over fifty countries. ImageState was founded in February 2000 and is a
subsidiary of Convergence Holdings PLC, which is listed on the Alternative Investment
Market of the London Stock Exchange (CNV). Convergence Holdings PLC has formally
announced a change of name to ImageState PLC, which took effect at the end of November.
For additional information visit the company's web site at www.imagestate.com.
Management Expansion
To sustain the continued growth of the businesses and expand operations ImageState has
strengthened its management team with the following appointments:
Troy Dowell - Chief Operating Officer (Seattle). Troy is a former senior officer at
Dynamic Graphics, Inc with extensive graphics industry experience in sales and
marketing. He also has broad circulation management experience with tenure at
Step-By-Step Publishing and August Home Publishing.
Don Bitzer - Eastern Regional Sales Director (New York). Don joins us from Digital
Vision where he was National Sales Manager. He also has extensive sales management
experience with Second Line Search (Sekani) and FPG (VCG).
Ellen Marett - Western Regional Sales Director (Seattle). Ellen joins us from Getty
Images, and was previously at both FPG and Corbis Images. She has extensive sales
experience with each of these companies, most recently being transitioned to Getty from
VCG to build out the Gettyone Key Accounts sales team.
Katy Von Brandenfels œ Creative Director (Seattle). Katy was formerly with Getty Images
(FPG) and previously with Tony Stone UK, and is now spearheading ImageState creative
development in North America both for rights protected and royalty free images.
George Sinclair - Group Business Development Director (New York)
George is an experienced executive in content management and publishing and was
Director of Strategic Development for Corbis and Vice President - Business Development
with Getty Images and Tony Stone. He has also had senior management positions with
Monotype, Kodak and Crosfield Electronics.
Stephen Harvey-Franklin - Managing Director - ImageState Europe (London). Stephen is
the former CEO of Pictor and has had extensive senior management experience with Visual
Communications Group (VCG) as Director of Operations for all web development,
publishing and international distributors.
Rose Marie Araya œ International Sales Director œ ImageState Europe (London). Rosemary
is the former International Sales Director of Pictor and previously International Sales
Manager of Visual Communications Group (VCG) who was responsible for spearheading VCG's
international sales development culminating in two Queens awards for export
achievement.