Shutterfly Orders Tiny Prints
Shutterfly (Nasdaq: SFLY), the Redwood City, CA-based photo sharing giant, said yesterday that it has agreed to acquire Tiny Prints, a Sunnyvale, CA, startup offering personalized greeting cards, invitations, announcements, and stationery. The cash-and-stock transaction, valued at $333 million overall, includes a $141 million cash payment and 3.9 million shares of Shutterfly common stock. “Shutterfly and Tiny Prints share a common passion: providing customers with innovative, high quality premium products, stylish designs and exceptional customer service,” Shutterfly CEO Jeffrey Housenbold said in a statement. “We believe the integration of our businesses will create near-term and long-term opportunities for enhanced merchandising, accelerated product innovation and significant scale efficiencies in manufacturing, customer service and marketing.” Tiny Prints had raised venture backing from Summit Partners and Technology Crossover Ventures.