Toronto-Based 500px Acquired by VCG, the Getty Images of China

Toronto-based photography marketplace 500px has been acquired by the Visual China Group (VCG), which can be seen as the Getty Images of China.

Chinese financial data provider JRJ said that the acquisition was for a total of $17 million USD.

VCG led 500px’s Series B funding round in 2015, where they raised a total of $13 million. The funding allowed them to expand their services into the Greater China Area and other countries within the Asia Pacific Region.

Following the funding round, 500px expanded into China with, a specific portal which served half a billion Chinese users.

500px CEO Andy Yang will be staying onboard to lead the transition, however, he will be stepping down as CEO once the transition is complete. Yang will continue to support the company in an advisory role after he steps down as CEO.

Following the deal’s closure, the company will remain in Toronto and no one from VCG will be joining. In addition, none of the founders will be joining VCG. As a large shareholder, VCG will have a large say in the future of the company over the coming years.

[via TechCrunch]

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