Shutterstock and Getty Images will offer a content library with greater depth and breadth, expanded opportunities for its contributor community, and a reinforced commitment to the adoption of inclusive and representative content.
The stronger financial profile of the combined company is expected to create increased capacity for product investment and innovation for customers in a fast-evolving and highly competitive environment.
Paul Hennessy, CEO, Shutterstock commented: “We are excited by the opportunities we see to expand our creative content library and enhance our product offering to meet diverse customer needs. We expect the merger to produce value for the customers and stockholders of both companies by capitalising on attractive growth opportunities to drive combined revenues, accelerating product innovation, realising significant cost synergies, and improving cash flow. We look forward to working closely with the Getty Images management team to complete the transaction and drive the next chapter of growth.”
Getty Images’ CEO, Craig Peters, will serve as CEO of the combined company.