Aussie unicorn makes German acquisition with Allens’ aid

Allens has advised Canva on its acquisition of Pexels.

Pexels, which is based in Germany, is one of the largest free stock-content websites in the world, with more than nine million visits per month. Canva is one of the most high-profile start-ups in Australia. It surpassed a valuation of US$1bn last year after a US$40m raise and more than doubled that valuation to US$2.4bn last week with a US$70m raise.

Allens said that Canva is a long-standing client of the Allens Accelerate practice, which it said was the first dedicated start-up and scale-up companies practice from a major Australian law firm.

The firm advised on all aspects of the Pexels acquisition, including documentation and structuring. It worked alongside its global alliance partner, Linklaters, to work on German-law elements of the deal.

The firm’s team was headed by Dominic Sanderson, senior associate and technology M&A expert. He was supported by corporate partner Mark Malinas and tax senior associate Jay Prasad.

Financial details of the transaction, which was separate from Canva’s acquisition of Pixabay, were not disclosed.

Allens also advised on Canva’s Zeetings acquisition last year, its first after it achieved its status as a unicorn.