Israel’s Wix Buys DeviantArt For $36M

By NoCamels Team February 23, 2017 < 1 minute

WIX. Courtesy

February 23, 2017 | Israeli DIY website company Wix.com announced today that it acquired DeviantArt, an online community for artists and designers, for $36 million in cash. Wix, which helps small businesses build and operate websites, will have access to Los Angeles-based DeviantArt’s more than 40 million registered members and over 325 million pieces of original art. As a result of the deal, Wix raised its 2017 revenue outlook by $8 million to $417-$419 million. Investments in DeviantArt’s platform will raise headcount and decrease 2017 free cash flow by $8 million to $63-$64 million. This is the first overseas acquisition for Wix, which saw revenue grow 48 percent in the fourth quarter of 2016 to $84.2 million as it beat expectations. The company has over 100 million registered users. As of Dec. 31, Wix had $172 million in cash. Wix was founded in 2006 by Giora Kaplan, Avishai Abrahami, and Nadav Abrahami.