For immediate release
Shutterstock Announces Acquisition of BigStockPhoto
Move signals Shutterstock’s expansion into the credit-based stock photo market
New York, September 23, 2009 –
Shutterstock, the world’s largest subscription-based stock photo agency, announced that it has acquired BigStockPhoto, a leading credit-based stock photo agency, headquartered in Davis, California. Financial terms of the deal were not disclosed.
“BigStockPhoto is a leader in the stock photo industry, and an excellent fit for Shutterstock as we expand into the credit-based market,” said Jon Oringer, founder and CEO of Shutterstock. “This addition will enable Shutterstock to better satisfy the diverse payment preferences of stock photo buyers worldwide.”
According to the deal, BigStockPhoto will remain a separate entity, and Shutterstock plans to grow the company’s global presence by investing heavily in marketing, infrastructure and user experience.
BigStockPhoto was founded in 2004 to provide an alternative to high-priced stock photography, and to create a marketplace for photographers to sell their work. In addition to its diverse library of 3.7 Million royalty-free photos and vectors, the agency has created a vibrant community of image buyers and submitters from around the world.
About Shutterstock, Inc.
Shutterstock, Inc. (NYSE: SSTK), 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 70,000 contributors, Shutterstock adds tens of thousands of images each week, and currently has more than 47 million images and 2 million video clips available.
Headquartered in New York City, with offices in Amsterdam, Berlin, Chicago, Denver, London, Paris and San Francisco, 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; Rex Features, a premier source of editorial images for the world's media; PremiumBeat, a curated royalty-free music; Skillfeed, an online marketplace for learning; 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 on Facebook.
Jennifer Bewley and Niamh Hughes