Toronto's 500px Acquires Algo Anywhere for $2 Million

Posted by Techvibes NewsDesk

Toronto's 500px has made its first acquisition.

The Canadian startup purchased recommendation engine Algo Anywhere. The deal was worth $2 million in cash and stock, according to an inside source cited in TechCrunch.

Algo was a two-man startup. Adam Gravitis will become 500px's chief software architect while Zach Aysan will become chief data scientist. They will raise 500px's headcount to 16.

"One of our goals that we’re constantly working towards with our platform is to make it more user friendly, more customized and more engaging,” said Oleg Gutsol, CEO of 500px. “When we first met the Algo team we immediately recognized that their capabilities and technology would be a perfect fit for our needs to make social photography more interactive and engaging. Combining their big data analysis and recommendation engine, curation and visual content we’re looking forward to offering our users a greatly enhanced experience.”

“We couldn’t be happier to be joining the 500px team and implementing our technology for such a forward thinking company,” said Adam Gravitis, CEO of Algo Anywhere. “From the beginning there was a natural gravitation for us to the innovative work that 500px is doing in the photography space and how we could further enhance their efforts. Given the infrastructure already in place and our technology capabilities, I believe we can take the 500px experience to the next level.”

Company:
500px Inc.
Website:
http://www.500px.com
Location:
Toronto, Ontario, Canada

500px is a photo community powered by creative people worldwide that lets you discover, share, buy and sell inspiring photographs. The first version of 500px came to light in the early days of digital photography. At that time, everything was slightly different — the Internet was slower, 3.2 megapixel cameras were the latest buzz, digital photographers were just getting acquainted with their tools, and 500 pixels... more


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Techvibes NewsDesk

Techvibes NewsDesk

Techvibes is Canada's leading technology media property.Founded in 2002, Techvibes covers technology and business news that impacts Canadians. We combine breaking local news with international coverage to deliver a unique balance of insight and information. The Techvibes Newsdesk covers a broad beat and publishes general news stories. If you have a story you would like covered, email... more



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