Shutterstock®, Inc. Acquires Assets of Competitor Photosights.com
Subscription-Based Stock Photography Agency Steps Up Expansion with its First Acquisition
Deal Coincides with Company Milestone: Shutterstock's Photo Library Hits 500,000 Images
New York--January 2nd, 2006
Shutterstock® (www.Shutterstock.com) is pleased to announce that the acquisition of the assets of stock photo agency Photosights.com is now complete. Through the deal Shutterstock has increased its customer base, recruited new professional photographers to the site, and gained access to new images to consider for its library of premium royalty-free photographs, an unparalleled collection that, as of this week, now exceeds half a million images. The acquisition is in line with the company's strategy of rapid growth based on providing the best service possible - in this case, an accessible and highly successful subscription model - to the creative community.
"We're very excited about what this means for Shutterstock," said CEO Jon Oringer. "With the assets of Photosights.com, we.re able to offer Shutterstock clients, existing and new, an even stronger service than before."
The deal will accelerate the pace of growth for Shutterstock's photo library (the site already adds over 5,000 images each week) as images from Photosight.com are evaluated by Shutterstock screeners and, if accepted, posted to the site. Photosight.com's photographers are encouraged to resubmit their photos to Shutterstock immediately to expedite the approval process and begin earning money from Shutterstock customer downloads. Photographers who had 2,500 images or more on the now defunct site are eligible for a 'fast track' acclimation to facilitate their transition to Shutterstock.
The deal is particularly newsworthy given how unusual it is for a company of Shutterstock's size to acquire the assets of a competitor. "Shutterstock's model seems to be working, and we will continue to act aggressively to improve our product, build our business, and increase our market share," said Oringer.
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 160,000 contributors, Shutterstock adds hundreds of thousands of images each week, and currently has more than 100 million images and more than 5 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.
Siobhan Aalders and Niamh Hughes