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November 2000

July 2004

1.6x, 15% IRR

Media & communications



Digital media distribution service

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Business at time of investment was an online distribution service for digital assets to the media.

Investment rationale

Palamon invested with the conviction that had the potential to become the unique hub for the distribution of publicity assets to the world’s media.

Value creation

  • Institutionalisation: Hired a new CEO to develop the business and key executives in target US markets leading to’s first major US studio signing
  • Internationalisation: Opened offices in Los Angeles, Tokyo and Sydney to provide a truly global service
  • Strategy: Changed pricing model from per-download to long-term contracts based on value-added services
  • Infrastructure: Initiated a re-engineering of’s IT infrastructure to enable significant new system capabilities

Company at exit

During Palamon’s ownership, Imagenet’s revenue grew more than eight-fold and number of unique users increased by 58%. From a new, highly advanced and robust technology infrastructure it was the world market leader in its specialist field.


In 2004 Palamon sold its interest to Getty Images for €13.8 million, equating to a 15% IRR and 1.6x invested capital.

“Palamon only invests in businesses it really understands and believes in. This belief and understanding is carried forward in the way that Palamon supports and challenges the business and its management to build real value.”

Simon Cox, CEO of Imagenet London, UK