Araki to pay $4.9 billion to acquire New York City-based photography startup Araky
Arake, a digital agency, has agreed to pay about $4 billion to buy New York-based photo startup ARAKY.
Araki will also acquire New Jersey-based photographer David Cogdell, a key investor in the startup, according to a regulatory filing.
Cogdyll and Araker, which is based in Boston, are close friends.
“We are excited to welcome David Cogshed back to ARAKI as an investor,” said ARAKE CEO and co-founder Joe Rennison.
“He’s an incredible storyteller who is uniquely qualified to understand and lead ARAIKY, and we look forward to working together in the years to come.”
Araky was founded in 2013 by four students at Harvard University and focuses on capturing images of people in the field and sharing them through social media.
The company is known for its unique photography app, ARAKER.
Cogdells background includes digital and traditional marketing and marketing and business consulting, according the filing.
ARAKTECH was founded by Cogdalers parents in 2014.
The Boston-based company is based out of Boston.ARAKAKY’s business model involves acquiring digital images from around the world and publishing them on its website for photographers to download and use as part of their portfolios.
It’s the first of its kind in the photography industry, and the first digital company to make money from photography, according its website.
Arakaki said the acquisition will allow ARAKY to further develop its digital portfolio and expand its service offering.
“We are very excited about this acquisition and look forward it will be a success for all involved,” Rennisons said.