The acquisition comes 1.5 years after Bynder’s $22 million Series A funding with Insight Venture Partners.
Bynder, a global leader in digital asset management acquired Shutterstock's digital asset management business, known as Webdam (NYSE:SSTK) for $49.1 million. The acquisition brings together digital asset management leaders from EMEA and North America to create a global organization offering marketing and creative teams with cloud-based solutions for managing, distributing and collaborating on their digital assets.
The acquisition of Webdam bolsters Bynder’s U.S. presence, including the addition of an office in the San Francisco Bay Area. It also highlights Bynder’s commitment to bring best-in-class DAM (digital asset management) to brand-driven businesses of all sizes, globally. Blending the industry knowledge, technological innovation, and geographic strengths of the two companies—including heavy investments in artificial intelligence and integrations—will allow Bynder to better address evolving customer needs.
Bynder is an award-winning digital asset management (DAM) platform offering marketers tools to find and share creative files such as graphics, videos and documents. Webdam, a leader in digital asset management, uses a cloud-based platform to power the visual content that drives impactful brand experiences, and allows brand-building activities to scale across the enterprise and consumer touchpoints.
Willkie Farr & Gallagher LLP represented Bynder in the transaction. The Willkie deal team was led by partners Gordon Caplan and Danielle Scalzo, and included associate Angela Bueti.