Sale of Kodak Gallery to Shutterfly Moving Forward

Sale of Kodak Gallery to Shutterfly Moving Forward

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Redwood City, CA—Kodak and Shutterfly announced there are no competing bidders to Shutterfly’s $23.8 million stalking horse bid to purchase certain assets of Kodak’s Kodak Gallery online photo services business. Following final approval by the bankruptcy court, the companies plan to promptly close the acquisition.

Following the closing, Shutterfly will work with Kodak to transfer Kodak Gallery’s U.S. and Canadian customers and images onto the Shutterfly platform. Customers who don’t want their photos transferred to Shutterfly can opt out, retrieving their images through free downloads or by purchasing DVDs from Kodak Gallery.

“I’m excited to welcome Kodak Gallery’s customers to Shutterfly and look forward to working with the Kodak team to provide a smooth transition for their customers and offering them industry-leading products and customer service that will enhance the way they share and preserve everyday memories,” said Jeffrey Housenbold, Shutterfly’s president and CEO. “Our acquisition of Kodak Gallery is a perfect example of the consolidation that we believe will play an important role in helping Shutterfly solidify our leadership position in the social expression and personal publishing category. Moving forward, we will continue to expand our market position through organic growth and disciplined acquisitions that leverage our scale and scope economies, vertical integration, solid balance sheet and profitable business model.”

Founded in 1999, Shutterfly is an Internet-based social expression and personal publishing company that operates Shutterfly.com, Tiny Prints.com, Weddingpaperdivas.com and Treat.com. Its flagship product is its photo book line, which helps consumers celebrate memories and tell their stories in professionally bound coffee table books. shutterfly.com

Kodak Gallery is an online destination for storing and transforming photo memories into a variety of personalized gifts, such as prints, photo books, greeting cards, mugs and wall décor. In June 2001, Kodak purchased the groundbreaking Berkeley-based company Ofoto, which was founded in 1999. Ofoto was then evolved into Kodak Gallery. kodakgallery.com

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