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), 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 one million contributors, Shutterstock adds hundreds of thousands of images each week, and currently has more than 350 million images and more than 20 million video clips available.
Headquartered in New York City, Shutterstock has offices around the world and customers in more than 150 countries. The company’s brands also include Bigstock, a value-oriented stock media offering; Shutterstock Studios, an end-to-end custom creative shop; Offset, a high-end image collection; PremiumBeat, a curated royalty-free music library; and Shutterstock Editorial, a premier source of editorial images and videos for the world's media.