Monotype, a technology company providing technology and font designing services, has announced to acquire Olapic for $130 Million and additional $19 million worth of stocks. Monotype is a publicly traded company and at the same time, Olapic is an online portal which helps brands in promotion with the pictures generated by the users. According to the sources close to the development, the deal is expected to close by the end of third quarter of 2016, however, the stocks will be distributed over the course of a period of time.
Speaking on the development, Scott Landers, Monotype CEO added that the acquisition will help the parent company on a broader aspect. It will also help to engage with the brands in a better and more meaningful way.
Olapic has raised a total of $21 Million in funding from investors including Felix Capital and Fung Capital. Also, it had recently acquired a startup named Piqora, a marketing startup focused on Pinterest.