Bynder Announces Strategic Acquisition of Webdam for $49.1 Million
Leading Digital Asset Management Companies Join Forces to Provide Brands with Best in Class Software
Bynder, a global leader in digital asset management (DAM), announced that it has entered into a definitive agreement to acquire Shutterstock‘s digital asset management business, known as Webdam. The acquisition brings together the respective DAM category leaders from EMEA and North America to create a global organization offering marketing and creative teams with scalable, cloud-based solutions for managing, distributing and collaborating on their digital assets.
Marketers today are producing more digital content than ever before, and distributing it across an increasingly complex web of platforms and channels. As a result, digital asset management has moved to the heart of marketing technology where it must scale to support activities across and beyond the enterprise.
The acquisition of Webdam highlights Bynder’s commitment to bring best-in-class DAM to brand-driven businesses of all sizes, globally. Blending the industry knowledge, technological innovation, and geographic strengths of the two companies—including heavy investments in artificial intelligence and integrations—will allow Bynder to better address evolving customer needs.
“Businesses are racing to keep up with the digital economy, in which digital content has become the storefront for your brand. Marketers and creatives play a critical role in developing these digital experiences, so the necessity for DAM is only accelerating. Bynder and Webdam are two of the top digital asset management platforms on the market. We’re ready to join forces with a fellow leader in the space and develop an unparalleled DAM that businesses integrate at the core of their operations,” said Chris Hall, founder and CEO of Bynder.
Bob Hickey, GM of Webdam, added, “There is a clear synergy in the culture and product vision between Bynder and Webdam. That’s why we see this as a strategic move that will greatly benefit both our customers. We have grown rapidly in the past four years as our customers depend on high-quality digital experiences to build their brands. We see this as a great opportunity for our customers’ continued success and a natural partnership that will help us meet future industry demands.”
Following the closing of the acquisition, there will be no immediate impact for customers of either service, however; users can expect to see an improved, combined offering. This acquisition bolsters Bynder’s U.S. presence, including the addition of an office in the San Francisco Bay Area.
This acquisition comes 1.5 years after Bynder’s $22m Series A funding with New York City-based Insight Venture Partners.
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