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Author: si Team
HP to Acquire Leading Online Photo Service Snapfish
Hewlett Packard (HP) has signed a definitive agreement to acquire Snapfish, a leading online photo service. With more than 13 million members, Snapfish is the third largest online photo sharing service provider, behind Eastman Kodak’s Ofoto and Shutterfly.
Co-founded in 1999 by Raj Kapur, Shripati Acharya, Suneet Wadhwa and Bala Parthasarathy, the online photo services coupled with HP’s worldwide customer reach will rapidly enhance HP’s ability to capitalize on the growing market for online photo printing.
“HP approached us in late 2004 and was looking for a company like us. We weren’t looking to sell, but it was an extremely strategic opportunity, and their strategy made a lot of sense,” Kapur says.
While company sources did not comment on the acquisition cost, a Merrill Lynch report estimates that HP may have paid approximately $300-400 million for Snapfish, and believes that Snapfish’s revenue is less than $100 million.
San Francisco-based Snapfish offers high-quality photo products and services, including free online photo sharing, photo storage and management, free editing tools and software, online print ordering, wireless imaging services for camera phone and color handset users, and more than 70 personalized photo products.
Co-founded in 1999 by Raj Kapur, Shripati Acharya, Suneet Wadhwa and Bala Parthasarathy, the online photo services coupled with HP’s worldwide customer reach will rapidly enhance HP’s ability to capitalize on the growing market for online photo printing.
“HP approached us in late 2004 and was looking for a company like us. We weren’t looking to sell, but it was an extremely strategic opportunity, and their strategy made a lot of sense,” Kapur says.
While company sources did not comment on the acquisition cost, a Merrill Lynch report estimates that HP may have paid approximately $300-400 million for Snapfish, and believes that Snapfish’s revenue is less than $100 million.
San Francisco-based Snapfish offers high-quality photo products and services, including free online photo sharing, photo storage and management, free editing tools and software, online print ordering, wireless imaging services for camera phone and color handset users, and more than 70 personalized photo products.
