Shutterstock, a global technology company offering a creative platform for high-quality assets, this week agreed to acquire Flashstock Technology, a Toronto-based company that enables the creation of custom content through its proprietary platform.
The all-cash transaction, which is expected to close in July, was valued at approximately $50 million.
“Custom content has been something we always believed would be an important part of our long term strategy,” said Jon Oringer, CEO of Shutterstock. “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’s model ingests a brand’s visual identity and content strategy, which enables it to create relevant content on demand. The startup has a global network of contributors and a technology solution that has streamlined the content creation process.
“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.”
Working with a community of 225,000 contributors, New York City’s Shutterstock adds hundreds of thousands of images each week, and currently has more than 125 million images and more than seven million video clips available.