Shutterstock buys Giphy Inc from Meta for $53 million in cash1 min read 24 May 2023, 11:50 AM IST
Shutterstock has been experimenting into the Artificial Intelligence realm of late. The company also said that the deal helps it to bolster its burgeoning ‘generative AI and metadata strategy’
Stock photography company Shutterstock Inc on Wednesday said it would buy animated-images platform Giphy Inc from Meta Platforms Inc. According to a report by Reuters, Shutterstock purchased Giphy for $53 million in cash. The deal has come months after the Facebook owner had agreed to divest the company of competition concerns.
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