Shutterstock has signed a definitive agreement to acquire the Toronto–based Flashstock Technology, Inc., for $50 million. By acquiring Flashstock, the leading global technology company will position itself to offer visually impactful content over its existing platform. Flashstock has a fast growing customer base of enterprise marketers who seek to meet visual demands of multiple omnichannel marketing campaigns. By integrating Flashstock into its product offerings, Shutterstock will be able to offer high-quality custom content to its 1.7 million customers. The transaction is expected to close in July 2017.
Shutterstock also owns –
- Bigstock, a value-oriented stock media agency
- Offset, a high-end image collection
- PremiumBeat a curated royalty-free music library
- Rex Features, a premier source of editorial images for the world’s media
- Webdam, a cloud-based digital asset management service for businesses
Jon Oringer, Founder and CEO of Shutterstock, said, “Custom content has been something we always believed would be an important part of our long term strategy. We’re thrilled to have found Flashstock, a strong business with technology and management that will enhance our product offerings and allow us to grow our partnership with major brands as they look to efficiently create amazing content on-demand. This opens up a large new market that Shutterstock will now be able to serve with custom content. Flashstock’s DNA matches ours, and we believe that there is a great cultural fit and that the business can integrate seamlessly into our new platform.”
Flashstock established a new way of creating content for marketers. Its model ingests a brand’s visual identity and content strategy, which enables it to create relevant content on demand. Like Shutterstock, Flashstock has a global network of contributors and an innovative technology solution that has streamlined the content creation process. The company currently serves hundreds of top brands across the Fortune 500.
Grant Munro, Founder and CEO of Flashstock, said,”Shutterstock’s global reach, commitment to technology and investment in its platform make it the perfect home for Flashstock. We will now be able to offer our cost efficient, streamlined content creation platform to Shutterstock’s global customer base.”
Founded in 2003, Shutterstock has been providing high-quality licensed photographs, vectors, illustrations, videos and music to businesses, marketing agencies and global media organizations. Headquartered in New York City and working with a growing community of over 225,000 contributors, Shutterstock has more than 125 million images and more than 7 million video clips.