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.
Shutterstock, Inc. (NYSE: SSTK), is a leading global provider of high-quality licensed photographs, vectors, illustrations and videos to businesses, marketing agencies and media organizations around the world. Working with its growing community of over 40,000 contributors, Shutterstock adds tens of thousands of images each week, and currently has more than 30 million images available.
Headquartered in New York City, with offices in Berlin, Chicago, London, 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; and Skillfeed, an online marketplace for learning.