Shutterstock, the well-known provider of commercial digital images, is planning to acquire WebDAM – in a move that likely will extend Shutterstock’s presence in the large enterprise market.
Financial details on the deal were not released, and the deal is expected to close in “coming weeks,” according to a company statement.
WebDAM provides tools to manage and distribute creative digital assets in the cloud. These include images, videos, creative files, documents, and presentations. Among the clients using WebDAM offerings are many large enterprises. WebDAM customers include salesforce.com, Intel, Symantec (News - Alert), GE, Kawasaki, and Alaska Airlines.
Shutterstock says it has seen “significant growth” in its enterprise business over recent years. That is helped by the company’s increasing inventory of images – given that Shutterstock has more than 33 million images now available to its users.
“The acquisition of WebDAM will allow Shutterstock to deepen its relationship with marketing and creative teams and serve a broader range of their needs,” the company added in a statement.
"Like Shutterstock, WebDAM is an innovative technology company trusted by some of the world's leading brands," Jon Oringer, CEO of Shutterstock, said in the statement. "We are excited to join with WebDAM's talented team to deepen our relationship with large organizations and to make it easier than ever for marketing and creative teams to do their best work."
The deal was praised by WebDAM, too. "Our customers depend on image and video content to create marketing materials that are managed and shared in WebDAM," Jody Vandergriff, CEO of WebDAM, said in a statement. "We see Shutterstock as a critical part of our customers' workflow and a natural strategic partner that aligns with our mission and culture.”
After the deal is completed, WebDAM will keep its own brand name.
WebDAM never took outside funds from investors. On the other hand, Shutterstock had an IPO in 2012.
The last acquisition made by Shutterstock was BigStockPhoto in 2009, according to TechCrunch. More recently, it has favored expanding through organic growth rather than through acquisitions, the report adds, which makes the WebDAM deal unusual.
Edited by Cassandra Tucker