Activist investor Trillium Capital has urged stock photo company Getty Images to create partnerships with technology firms and publishers to grow its revenue. Last week, the activist asked for a board seat and suggested the company evaluate strategic options including a sale.
In a Monday statement, Trillium said Getty should expand its partnership with Nvidia to use the chip company’s image-rendering technology and collaborate with Adobe Inc to combine their media collections.
The activist, which owns over 500,000 shares, also proposed the company create a strategic relationship with Microsoft and Bing through their Open API system and build a metadata relationship with Facebook and Instagram. Trillium also put forward these companies as potential strategic buyers.
“[These are] just some of our preliminary steps on the path to create massive revenue growth for Getty,” said the activist. “We continue to believe that our Managing Partner Scott Murray should be appointed to the board.”
Earlier this month, Trillium called on the company to enhance shareholder value by cutting corporate and administrative costs and to hire a national investment banking firm to search for strategic alternatives.
Shares in Getty Images finished slightly down at $6.28 per share at Monday’s close.