Bynder, a global leader in digital asset management (DAM), has entered into a definitive agreement to acquire Shutterstock's digital asset management business, Webdam, in a deal worth$49.1m.
The acquisition brings together the respective DAM category leaders from EMEA and North America to create a global organization that blends the industry knowledge, technological innovation, and geographic strengths of the two companies.
Chris Hall, founder and CEO of Bynder, said: “The necessity for DAM is only accelerating. Bynder and Webdam are two of the top digital asset management platforms on the market. We’re ready to join forces with a fellow leader in the space and develop an unparalleled DAM that businesses integrate at the core of their operations.”
Bob Hickey, general manager of Webdam, commented: “There is a clear synergy in the culture and product vision between Bynder and Webdam. That’s why we see this as a strategic move that will greatly benefit both our customers. We have grown rapidly in the past four years as our customers depend on high quality digital experiences to build their brands. We see this as a great opportunity for our customers’ continued success and a natural partnership that will help us meet future industry demands.”
Founded in 2013, Bynder is headquartered in Amsterdam with offices in Boston, London, Barcelona, Rotterdam and Dubai. This acquisition bolsters Bynder’s US presence, including the addition of an office in the San Francisco Bay Area.
The deal comes eighteen months after Bynder’s $22m Series A funding with New York City-based Insight Venture Partners.