Indy AI company acquired by Shutterstock
INDIANAPOLIS (Inside INdiana Business) — New York-based Shutterstock Inc. (NYSE: SSTK) has just acquired three artificial intelligence companies, including Indianapolis-based Pattern89. The Hoosier company uses its AI platform to help grow data science, sales and marketing efforts.
Shutterstock, which is a provider of stock photography, video footage and music often used by advertising agencies, wants to develop its own predictive performance capabilities. The digital image company says the acquisition of Pattern89 will allow it to guide advertisers on what works and does not work in advertisements seen on TV or on social media platforms.
“With these three acquisitions, Shutterstock.AI will help our customers globally solve the biggest creative challenge they have — discovering and selecting the right content that is relevant, and that resonates with audiences. We want our customers to create with confidence,” said Stan Pavlovsky, chief executive officer at Shutterstock. “To complement this, Shutterstock.AI will also help new customer segments accelerate the development of artificial intelligence, by unlocking the power of the data associated with our vast content library.”
Shutterstock says the aggregate cash consideration paid for Pattern89, Datasine, and Shotzr was approximately $35 million.