March 7, 2014

Shutterstock acquires digital asset management service WebDAM

Stock photography and video agency Shutterstock recently announced that it had acquired WebDAM, a provider of web-based digital asset management software. The terms of the deal were not disclosed. 

WebDAM was founded in 2005 and provides marking and creative teams with the tools to organize and distribute digital assets in the cloud. Its services have been particularly popular with large corporations with big marketing departments. Some of the company's major clients include, Intel, GE and Alaska Airlines. 

In a press release, Shutterstock CEO Jon Oringer said that this recent technology merger will aid his company's move to address the needs of larger companies. Marketing and creative teams require a deeper relationship with their service providers, and WebDAM will give Shutterstock the ability to do that work. 

"Like Shutterstock, WebDAM is an innovative technology company trusted by some of the world's leading brands," Oringer 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." 

For now, WebDAM will continue to operate under its own brand. The company's 25 employees, including co-founders Jody Vandergriff and Steve Rabkin, will all stay on in their roles. 

Shutterstock went public in 2012, but even before that point, it has pursued a conservative acquisition strategy. Its last purchase was of competitor BigStock Photo in 2009. The company has mostly relied on organic growth rather than acquisitions to expand its client base.