NEW YORK, June 27: Shutterstock, Inc., a top worldwide expertise
company presenting a resourceful platform for superior resources, devices and facilities,
revealed that it has entered into a decisive contract to procure Flashstock
Technology, Inc., a Toronto based enterprise that allows the competent formation
of custom content via its exclusive platform, for almost $50 million cash.
Flashstock has a rapidly developing client base of enterprise venders looking
for on-brand content to sustain the ever rising visual requirements of numerous
marketing channels. By assimilating Flashstock into its product offerings,
Shutterstock will be capable to present a superior custom content product to
its 1.7 million clients. The deal is anticipated to conclude in July 2017.
Flashstock started a novel method of generating content for
marketers. Its prototype ingests a product's visual character and content tactic,
which permits it to generate appropriate content on requirement. Similar to
Shutterstock, Flashstock has a worldwide network of providers and a pioneering expertise
solution that has simplified the content formation method. The enterprise presently
aids hundreds of leading products across the Fortune 500.
"Custom content has been something we always believed would
be an important part of our long term strategy. We're thrilled to have found
Flashstock, a strong business with technology and management that will enhance
our product offerings and allow us to grow our partnership with major brands as
they look to efficiently create amazing content on-demand," revealed Jon
Oringer, Founder and CEO of Shutterstock, adding, "This opens up a large
new market that Shutterstock will now be able to serve with custom content.
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."
"Shutterstock's global reach, commitment to technology
and investment in its platform make it the perfect home for Flashstock," stated
Grant Munro, Founder and CEO of Flashstock, adding, "We will now be able
to offer our cost efficient, streamlined content creation platform to
Shutterstock's global customer base."
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