Acquisition

Freefik acqusition news – Design Platform Freepik Acquired Magnific

May 7, 2024 | By Startup Rise EU

Freepik acquired Magnific, the most advanced AI image upscaler, enhancer and transformer tool in the market. The strategic acquisition is Freepik’s biggest to date – it acquired EyeEm (Germany) last year, and Videvo (UK), Original Mockups (Colombia), and Iconfinder (Denmark) in 2022. With Magnific , it brings together dedicated AI pioneers, bolstering Freepik’s AI ambitions and reinforcing the company’s global expansion.

Freepik acquired Magnific, the most advanced AI image upscaler, enhancer and transformer tool in the market. The strategic acquisition is Freepik’s biggest to date – it acquired EyeEm (Germany) last year, and Videvo (UK), Original Mockups (Colombia), and Iconfinder (Denmark) in 2022. With Magnific , it brings together dedicated AI pioneers, bolstering Freepik’s AI ambitions and reinforcing the company’s global expansion.

SUMMARY

  • Design platform Freepik acquired Magnific.
  • Freepik , Create great design faster and express the power of your ideas.
  • Magnific's creators, Emilio Nicolás and Javi López, will keep refining and testing new concepts while concentrating on their own AI research.

Through this operation, it will enrich its AI offering with Magnific’s best-of-breed AI technology. The founders of Magnific, Javi López and Emilio Nicolás, will continue to focus on their own AI innovation, testing and developing new ideas.

Although Magnific will operate as an independent business – a subsidiary of Freefik, its new parent company, both co-founders will join Freepik to work alongside Omar Pera, the VP of Freepik Labs (Freepik’s AI innovation team) who is leading Freepik’s endeavour to roll out groundbreaking solutions for users.

Launched just five months ago in Murcia, Spain, Magnific has opened up an entirely new category of tools: “reimagined upscaling”. It is an upscaler and enhancer that drastically enhances the quality and resolution of images but also allows users to take control by creating new details. Low-resolution images can be improved and developed creatively for a range of use cases and for any industry.

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This includes professional use – even billboards, video games, photo editing, architecture, interior design, matte painting and animated film production (Magnific has been used even by professional VFX for certain sequences in films currently in production). Magnific significantly improves workflows for users, with images that can be enhanced in seconds.

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The real-time enhancing capabilities are much faster than competitors – what used to take days to achieve in Adobe’s Photoshop can now be done in seconds. Furthermore, with Magnific’s new Style Transfer, users can now transform any image, controlling the amount of style transferred and the structural integrity.

Javi and Emilio built the tool from the ground-up with native AI, and without a CEO. It was an instant triumph. Over 30,000 people signed up to the waiting list within the first 24 hours, it now has over 725,000 registered users and Javi and Emilio’s community on X (formerly Twitter) has exploded.

Given it’s success, this was a highly sought-after deal, with Freepik beating out the competition because of the chemistry between the founders and the company vision. It is a key AI player dedicated to developing AI-generated tools that help users create great designs faster.

Joaquín Cuenca Abela, CEO and co-founder at Freepik said: “I’ve long been an admirer of Javi and Emilio, the AI knowledge they have and the community they’ve built. In fact, Javi has been part of Freepik’s AI partners program for some time, as well as a friend, giving feedback on our AI tools when they’re in beta. Not only will Magnific’s AI complement our suite of AI tools, but having Javi and Emilio’s experience and vision on the team will elevate our AI offering – this is central to the future of Freepik and our global expansion. ”

Javi López, Co-founder of Magnific stated: “Someone asked me a few weeks ago if we were open to an acquisition. I answered with a ‘Yes, but… as long as it’s with someone who shares our values and allows us to move to the top league even faster.” That’s the key: when you find another company, like Freepik, with whom you share values and mission, the next step of sharing resources to achieve great things becomes an obvious step to take. At Magnific and Freepik, we share a clear vision: we want to help people express the power of their ideas. Now, we will work together to build this reality.”

Emilio Nicolás, Co-founder of Magnific added: “From day one, we’ve been in talks with Joaquín, sharing our thoughts and visions for the future. We’ve always had this special vibe going, and it’s even more special because we’re all from the Vega del Segura area in Spain! For us, Joaquín is a trailblazer, and what he has built at Freepik with his team is nothing short of amazing. Gradually, we saw the potential for this merger between our projects, and there’s nothing more exciting than to join forces to shape the future of the industry. Together, we’re set to ride the wave of generative AI on an even stronger board, the Freepik + Magnific one!”

Carlos Marín, Chief Strategy Officer who led the operation commented: “At Freepik, enhancing user experience remains our top priority. Our latest acquisition of Magnific not only complements but also enhances our existing suite of AI tools. We are thrilled to integrate this advancement and bring onboard such a talented team. This marks another significant milestone in Freepik’s ongoing growth and our commitment to an AI-driven future.”

Omar Pera Mira, VP of Freepik Labs added: “Freepik is a tech company with a strong focus on AI, with more than a million AI images generated per day. With Magnific AI’s technology – which has been a game changer for design professionals – Freepik will be able to remain at the cutting-edge of generative AI and innovate faster while maintaining our high standards.”

About Freepik

Freepik - Create great design faster and express the power of your ideas. As a leading global tech company, their community is growing every day and their goal is to help anyone create great designs faster by producing and distributing high-quality graphic and audiovisual resources. They are more than +550 employees and work with more than 800 freelance designers collaborators and more than 52,000 registered contributors.

About Magnific's

Magnific's creators, Emilio Nicolás and Javi López, will keep refining and testing new concepts while concentrating on their own AI research. Co-founders of Magnific will collaborate with Freepik's AI innovation team, even though Magnific will function as a separate firm and a subsidiary of Freepik, its new parent company.

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