According to an August 20th article in Bloomberg, online digital photo storage and printing company is entering the final stages in its process of evaluating offers to acquire the company. The cutoff for final and best offers for the company was the end of this week, and the source said it’s possible a deal could be inked as early as September.
Shutterfly, Inc. (NASDAQ:SFLY) could be valued more than $2 billion in the transaction, according to the knowledgeable source.
Offers from private equity funds
The Bloomberg sources also mentioned that Shutterfly, Inc. (NASDAQ:SFLY) has received offers from a number of private equity funds who specialize in corporate buyouts. They continued to say Hellman & Friedman LLC and Bain Capital LLC is among private equity firms that submitted bids to acquire the web photo storage and printing company.
However, the sources also noted that the firm has not attracted any bids from well-known technology, social media or Internet companies to date.
More about Shutterfly
Shutterfly, Inc. (NASDAQ:SFLY) provides a wide variety of web-based digital photography services. Customers can print custom photos onto many items such as mugs, pillows, posters, banners or even iPad cases. Moreover, the company has been expanding aggressively, recently acquiring a number of companies including Tiny Prints, Wedding Paper Divas to complete portfolio of stationery, greeting cards and invitations. The firm also snapped up Kodak Gallery from Eastman Kodak Co. back in 2012.
Shutterfly is arguably the leader in the emerging digital photography management sector. Competitors of Shutterfly, Inc. (NASDAQ:SFLY) include Hewlett-Packard Company (NYSE:HPQ)’s rapidly growing Snapfish, as well as several retailers including CVS Caremark Corporation (NYSE:CVS).
The firm was established in 1999, and early-stage funders included Netscape co-founder Jim Clark.
Shutterfly, Inc. (NASDAQ:SFLY) shares have been on a roll since the announcement the company was soliciting offers. The stock is trading up $1.76 (3.53%) at $51.60 as of 12:10 PM ET Wednesday.