"With the addition of BigStockPhoto, one of the leading agencies for high quality, royalty-free stock photos, Shutterstock is able to expand into the global, credit-based market," said Adam Riggs, president and CFO of Shutterstock. "This move reinforces our leadership position in the stock photo industry, as it enables us to better serve the diverse payment preferences of stock photo buyers worldwide."

According to the deal, BigStockPhoto will remain a separate entity, and Shutterstock plans to grow the company's global presence by investing heavily in marketing, infrastructure and user experience.

BigStockPhoto was founded in 2004 to provide an alternative to high-priced stock photography, and to create a marketplace for photographers to sell their work. In addition to its diverse library of 3.7 Million royalty-free photos and vectors, the agency has created a vibrant community of image buyers and submitters from around the world.

Additional information about Shutterstock can be found here.