Shutterstock Inc. agreed to sell its digital asset management business, known as Webdam, to Bynder for about $49.1 million in cash.

The purchase price is subject to certain adjustments. The closing is expected to occur on or about Feb. 26, the company said in a Form 8-K filed Feb. 16.

This acquisition bolsters Bynder's U.S. presence, including the addition of an office in the San Francisco Bay area.

Bynder is a digital asset management company.