Scoopt, a Scottish company touted as the world's first "citizen journalism" picture agency when it launched two years ago, has sold out to Getty Images, the world's biggest photography provider.
Founder Kyle MacRae, an IT journalist and computer manual writer from Glasgow, is likely to have become an overnight millionaire with the deal, which was announced to the New York Stock Exchange yesterday.
Scoopt's launch came in the wake of the London bombings of July 2005, when some of the most immediate and powerful images of the aftermath were taken by members of the public using camera phones.
It heralded a new era of citizen journalism, where those who record events using the digital technology in their pockets can have their work broadcast and published across the world.
MacRae had the idea to set up an agency which would negotiate on behalf of people who found themselves in possession of potentially valuable pictures. With a high-quality digital camera on almost every mobile phone, the number of people in that position was becoming much larger.
MacRae runs the firm with his wife Jill at an office in Kilmarnock Road in Glasgow. There are no other employees and both will remain with the business.
According to Getty, pictures sold on by Scoopt have included the Manhattan plane crash that killed New York Yankees pitcher Cory Lidle and his flight instructor in October 2006, which appeared on the front page of The Times, and images of the January 2006 storms in London.
In a statement, Getty said news, sport and entertainment imagery from Scoopt that meets Getty's editorial quality standards will in future be released exclusively through a Getty website.
Getty Images will invest in technology upgrades and other enhancements to Scoopt in order to make the site more accessible.
"We're looking forward to taking our business to the next level by collaborating with the world's leading imagery provider," said MacRae.
"This acquisition will expand our customer base and establish a strong foundation for long-term growth."
Jonathan Klein, co-founder and chief executive of Getty Images, said: "New technology has made it easier to capture and distribute imagery, leading to citizen photojournalism that is increasingly relevant to the news cycle.
"While this genre will never replace the award-winning photojournalism for which we're known, it's a highly complementary offering that enables us to meet the evolving imagery needs of a broad customer base."
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