Stockbyte buys out venture partner

Stockbyte, the Irish owned, global stock photography leader, today announced that it has bought out the 30% stake held by its venture capital partner, ACT Venture Capital, for an undisclosed sum.

ACT bought a 25% stake in Stockbyte in 1997 and a further 5% in 2000.

This transaction marks a new phase in the company’s development according to Stockbyte founder and CEO Jerry Kennelly: “ACT’s involvement helped us to get on our feet. Today, Stockbyte is recognized as a major player in a global market dominated by two giants, Getty Images and Corbis.

"Our management are confident of their ability to consolidate their position and match or beat the leaders creatively, technologically and commercially.

"Millions of image searches are conducted by creatives throughout the world every day. The best pictures win every time – a significant number of those times, creatives choose Stockbyte content.”

Stockbyte’s main competitors are Getty Images, Inc. (NYSE: GYI), which has a 2.37 billion market capitalisation and Corbis, owned by Bill Gates.