Corbis sells, but not images

July 10, 2008 by pmelcher.

As per a press release of today : “Open Text Corporation (Nasdaq: OTEX; TSX: OTC), a provider of Enterprise Content Management (ECM) software, has acquired eMotion LLC from Corbis Corporation of Seattle, Washington. Open Text purchased the division for approximately US $5 million, net of cash and assets, effective July 2, 2008.eMotion is a provider of hosted business applications for managing digital media assets and marketing content. eMotion is headquartered in Seattle and has an office in Rockville, Maryland.

Corbis acquired eMotion, Inc. of San Francisco, California for an undisclosed amount in July 2005.

Corbis is a visual media provider for the creative community, licensing the widest array of award-winning contemporary, historical and entertainment photography as well as extensive collections of acclaimed illustration and footage.

Waterloo, Ontario based Open Text is a leading provider of Enterprise Content Management (ECM) software solutions. It offers a wide range of ECM products that help its customers ensure compliance with industry regulations and internal policies, controlling information flows, and helping solve other content-intensive business challenges. Open Text currently employs approximately 2,700 people worldwide.”

end of press release.

credit Techfinance.com

In 2005, Scott Wilson, CEO, eMotion said : “Corbis and eMotion’s services are a natural complement,”

Mmm. I guess not. At least not long term.

“Our clients are increasingly seeking ways to manage the still and moving imagery they use in their creative projects,” said Mark Sherman, about the deal, senior vice president of assignment & representation and emerging businesses at Corbis, at the time.

I  believe he got fired since.

One year later Business Week Magazine added ( 2006):
“A year ago, finishing off a year when revenue rose 20%, Corbis’ leaders confidently predicted that they would turn the company profitable. That didn’t happen. Instead, organic revenue growth slowed to 4%, though overall growth topped 34%. The total take was $228 million, thanks to the company’s mergers and acquisitions spree. (Getty Images grew 17.9% to $733.7 million, mostly organically, and pulled in $150 million in profits.)”
Ouch !!

the  same article continues:
“Corbis’ acquisition spree was partly aimed at placing bets in emerging markets. For instance, last July the company bought eMotion, a provider of hosted digital-asset management software. Yet image licensing remains a dominant part of its business. To boost profit potential, Corbis is beefing up its own collections and the custom-photography service, which involves assigning photographers to capture images. “end of Business Week Magazine quote.
You remember that guy from Star Wars Episode I ?  The Rasta guy with the tongue sticking out after being caught in the electric field of  Anakin’s pod racer ( do i sound like a geek right now?) ?

Well, whatever his name is, that is the Corbis management right now: tongue sticking out saying : blabadabaaaadabadaaaaa. Bladaabadaaaaaaaaaa.aaaaaaaaa.

Corbis ex- CEO, Steve Davis said, according to the Corbis press release, at the time: “In 2005 we doubled our global footprint ( How the hell do you double a footprint ? With bigger feet ?)  and rounded out our content and service offering. As a result we are the only company in the industry with the ability to provide comprehensive solutions—great content, the rights to use it, and the ability to manage it.”

And  I should add, big feet …

Shouldn’t someone have smelled E-Motion footprint at the time,because, apparently, it smelled bad. Certainly, not the sweet smell of success.

By the way, how much is a “footprint” going for these days ? 1 dollar a footprint ? what the hell is a footprint in photography ?

Gaaaaaaaaary ? any idea ? where is Gary anyways?

There he is (or was):

British Journal of Photography july 4th 2007, reports ( almost exactly a year ago):

“Days after taking on his role, Corbis’ new CEO has slashed 160 staff in 17 offices worldwide.

Gary Shenk took over from Steve Davis on Monday (02 July 2007), but the decision to cull 15% of the company’s workforce was announced late last week. The job losses are as a result of a three-month strategic review, led by Shenk and his management team, which is driven by the ambition to pull Corbis into profitability for the first time.”

and probably out of the “footprint” business.

the article continues :

“Corbis is also to sell its Digital Asset Management (DAM) division, which currently manages media libraries for large corporations. The service, which was officially launched only last summer (BJP, 16 August 2006), came about after the acquisition of eMotion in 2005. Like the Assignment Division, it has been performing well, says Perlet, and has won 25 new customers in the last 12-18 months.”

I guess ( actually, I know) Corbis hates, just painfully and  physically hates, anything that performs well.

E-Motion:

Bought in 2005,

analyzed in 2006,

destroyed in 2007,

sold in 2008.

Welcome to the club, dude.

Corbis  does it, again

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