Shutterstock a NYC-based provider of a platform offering content for brands, digital media, and marketing companies, acquired Envato Ptv Ltd, an Australia-based company that specializes in digital creative assets and templates, for $245 million.

Shutterstock will increase its product offerings with the acquisition, which is anticipated to occur in the third quarter, subject to customary closing conditions.

The agreement is anticipated to quicken Shutterstock’s trajectory toward its long-term goals by 2027, as Envato will increase yearly revenues and adjusted EBITDA by 15% and 20%, respectively. With the addition of 650k subscribers, Shutterstock will be able to enhance its content revenue from video, audio, graphics, fonts, and templates; bolster its content library with 10 million images, 6 million videos, 1 million audio clips, 0.5 million templates, and 0.2 million graphics & fonts; and further diversify into new content types like code & web themes, product mock-ups fonts and templates (e.g. Slides, Powerpoint, Keynote, WordPress, video, designs for social posts, gaming, podcasts and print-on-demand). Shutterstock will be able to complement its current offering with Envato Elements.