Shutterstock are joining forces in a merger valued at around $3.7 billion, the companies announced on Tuesday. The merger will allow the companies to expand their stock photo libraries as they face increasing competition from AI-powered image creation tools.

Getty Images is the bigger company of the two, and its shareholders will own approximately 54.7% of the new entity, while Shutterstock shareholders will own 45.3%. Getty Images also owns the iStock and Unsplash brands. The company will simply be called Getty Images.

Tuesday after the company said it plans to merge with rival stock photography service Shuttershock. Shares of the visual content marketplace were up 83% to $4.70 after announced that it had entered into a definitive merger agreement worth $3.