Stock photo company Shutterstock is acquiring Flashstock, a Toronto-based company that provides custom content to brands.
By integrating Flashstock into its product offerings, Shutterstock will now be able to offer customized content to enterprise marketers and brands for their multiple channels. The transaction is expected to close in July 2017.
"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," said Jon Oringer, founder and chief executive of Shutterstock, in a statement. "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."
Like Shutterstock, Flashstock has a network of contributors and serves hundreds of top brands across the Fortune 500.
"Shutterstock's global reach, commitment to technology and investment in its platform make it the perfect home for Flashstock," added Grant Munro, founder and chief executive of Flashstock. "We will now be able to offer our cost efficient, streamlined content creation platform to Shutterstock's global customer base."