Silviu had started TF3DM while he was in high school and co-founded CGStudio later as an undergraduate student. This union would definitely make Turbosquid one of the largest 3D markets in the Computer world. As part of the deal, Silviu would be joining the Turbosquid team, bringing along his experience and ideas to the company. Both parties are happy and they look forward to working together with each other.
This is not the first time that TurboSquid has acquired smaller rivals, they've merged with Falling Pixel and Exchange3D in 2011. Both of those sites have since been incorporated into TurboSquid itself.
Visit TurboSquid's Blog for the official announcement