Flashstock Technologies Inc, a Toronto developer of custom visual content for marketers, has agreed to be acquired by Shutterstock Inc (NYSE: SSTK). The deal, expected to close next month, will see Shutterstock pay about $66 million (US$50 million) in cash for the company. Shutterstock, a U.S. online marketplace for digital images, videos and music, said the deal will help it offer a high-quality custom content product to its 1.7 million customers. Founded in 2013 and led by CEO Grant Munro, Flashstock raised most of its funding from angel investors, many of them senior business executives.
Shutterstock to Acquire Flashstock, A Leading Custom Content Creation Platform
NEW YORK, June 27, 2017 /PRNewswire/ — Shutterstock, Inc. (NYSE: SSTK),a leading global technology company offering a creative platform for high-quality assets, tools and services, today announced that it has signed a definitive agreement to acquire Flashstock Technology, Inc., a Toronto based company that enables the efficient creation of custom content through its proprietary platform, for approximately $50 million cash. Flashstock has a fast growing customer base of enterprise marketers seeking on-brand content to feed the ever growing visual demands of multiple marketing channels. By integrating Flashstock into its product offerings, Shutterstock will be able to offer a high-quality custom content product to its 1.7 million customers. The transaction is expected to close in July 2017.
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.
“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,” said Jon Oringer, Founder and CEO of Shutterstock. “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.”
“Shutterstock’s global reach, commitment to technology and investment in its platform make it the perfect home for Flashstock,” said Grant Munro, Founder and CEO of Flashstock. “We will now be able to offer our cost efficient, streamlined content creation platform to Shutterstock’s global customer base.”
About Shutterstock, Inc.
Shutterstock, Inc. (NYSE: SSTK), directly and through its group subsidiaries, is a leading global provider of high-quality licensed photographs, vectors, illustrations, videos and music to businesses, marketing agencies and media organizations around the world. Working with its growing community of over 225,000 contributors, Shutterstock adds hundreds of thousands of images each week, and currently has more than 125 million images and more than 7 million video clips available.
Headquartered in New York City, with offices in Amsterdam, Berlin, Chicago, Dallas, Denver, London, Los Angeles, Montreal, Paris, San Francisco, and Silicon Valley, Shutterstock has customers in more than 150 countries. The company 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; and Webdam, a cloud-based digital asset management service for businesses.
For more information, please visit www.shutterstock.com, and follow Shutterstock on Twitter or Facebook.
About Flashstock Technology, Inc.
Flashstock Technology, Inc. provides customized visual content for the world’s top brands. Working with its global network of contributors, Flashstock enables the efficient creation of custom content through its proprietary software platform
For more information, please visit www.Flashstock.com, and connect with us on Twitter, Instagram, Facebook and LinkedIn.
Photo courtesy of FlashStock Technologies Inc
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