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NEW YORK - Website builder platform Wix.com Ltd. (NASDAQ:WIX), a $9.15 billion market cap company showing strong revenue growth of ~13% over the last twelve months, announced Tuesday a strategic partnership with type design company Monotype Imaging Inc. to expand its font library for users. According to InvestingPro data, the company maintains a healthy gross margin of 68%.
The newly curated collection includes typefaces such as Helvetica, Avenir, Recoleta, Kibitz Pro, and Aether, according to a press release statement from the company.
The expanded font options are now available to all Wix and Wix Studio users, including self creators and agencies building websites. The collection was selected in consultation with Monotype’s type design experts to cover various use cases from professional business needs to personal projects.
"Typography is an important aspect of web design, and by expanding our font offerings, we empower creators to produce visually compelling websites and content that truly reflect their brand’s personality," said Hagit Kaufman, VP of Brand and Design at Wix.
Charles Nix, Senior Executive Creative Director at Monotype, noted that the partnership will provide Wix users with classic typefaces like Futura alongside newer fonts such as Beatrice.
Wix describes itself as the leading SaaS website builder platform based on number of active live sites as reported by competitors’ figures, independent third-party data and internal data as of the first half of 2024.
Monotype maintains a library of over 250,000 fonts from more than 4,500 designers and foundries worldwide, working with global brands and individual designers.
In other recent news, Wix.com has announced a strategic partnership with Alibaba.com aimed at enhancing the global reach of small and medium-sized enterprises. This collaboration will allow Wix merchants to access Alibaba’s wholesale platform while enabling Alibaba sellers to create storefronts powered by Wix technology. The partnership will be rolled out in phases, with future enhancements planned, including AI-powered product discovery and automated onboarding. Meanwhile, Oppenheimer has reiterated an Outperform rating on Wix, citing the Alibaba partnership as a potential growth driver, though details on financial terms remain undisclosed. Additionally, Wix has acquired Base44, a platform for building custom software, which expands its artificial intelligence capabilities. This acquisition complements Wix’s existing AI-driven tools like vibe coding and content generation. JMP Securities has maintained its Market Outperform rating with a $250 price target, highlighting Wix’s focus on AI integration. Barclays also reiterated its Overweight rating with a $240 price target, noting Wix’s recent acquisition activity and potential for smaller, strategic deals in the future.
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