Shutterfly Acquiring Tiny Prints For $333 Million
Shutterfly, Inc. (NASDAQ:SFLY) has agreed to acquire card design company Tiny Prints for $333 million in cash and stock. People have been using social networks to share photos with friends and families so photo sharing websites like Flickr, Snapfish, Photobucket, and Shutterfly expanded their services to prints.
“Less than 5 percent of this market is currently being transacted online. We believe that with today’s announcement, we can significantly increase that percentage,” stated Shutterfly CEO Jeffrey Housenbold.
It is believed that Shutterfly’s card and stationery revenue will be increased to above $210 million in 2011. Shutterfly had a reported revenue of $307.7 million for the full the full 2010 year. Shutterfly is paying $141 million in cash and 3.9 million shares of common stock. Evercore Partners was the financial adviser to Shutterfly in the deal.@amitchowdhry or on Google+ at +AmitChowdhry