22 July 2004
Palamon realises investment in Imagenet

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Palamon Capital Partners, one of Europe’s leading mid market private equity firms, has successfully realised its investment in Imagenet Ltd (“Imagenet”), through an agreement to sell the company to Getty Images, Inc. (“Getty Images”). Terms of the deal, which is expected to complete on July 30, were not formally disclosed. Imagenet, formed in 1996, provides distribution and support services over the internet of high-quality publicity images and other materials primarily for entertainment industry clients in film, television and music. By aggregating these materials from many clients in a single ‘hub’, Imagenet provides a compelling and singular source of data for journalists and other users. Palamon invested in March 2001, when the company operated only in the UK using a basic technology platform which was at the limit of its capacity. During the period of Palamon’s ownership, Imagenet’s turnover has grown more than eight-fold, offices have been opened in Los Angeles, Tokyo and Sydney and it now provides a truly global service, from a new, highly advanced and robust technology infrastructure. Imagenet is now the world market leader in its specialist field. Commenting on the deal, Palamon partner Andrew Hawkins said: “The building of Imagenet into a global business has been very exciting, and this exit after a little over three years generates a significant return on our investment. Together with the able stewardship of CEO Simon Cox, we have created a strong, viable business which has attracted the attention of the world’s leading imagery company. Getty Images is a natural home for a business like Imagenet, and their sales and marketing prowess will help fuel the company’s continued growth in the next phase of its development.”

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