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Snapfish

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Snapfish
Company typeSubsidiary
IndustryPhotography products, Printing
Founded1999
HeadquartersSan Francisco, California
Key people
Jasbir Patel, President and CEO Manas Chaliha, Vice President and General Manager
ProductsPhoto sharing, Photo products
OwnerDistrict Photo
SubsidiariesCafePress
Websitewww.snapfish.com

Snapfish is a web-based photo sharing and photo printing service owned by District Photo. Snapfish is based in San Francisco, California.

History

Snapfish was launched in 1999 by business partners Rajil Kapoor, Bala Parthasarathy,[1] Suneet Wadhwa, and Shripati Acharya.[2] Ben Nelson joined soon thereafter as corporate development operations lead, to become CFO and later president. Jasbir Patel is now the president and CEO of snapfish.[3]

On October 30, 2001 Snapfish was acquired by District Photo for an undisclosed amount.[4]

In 2005, Snapfish was bought by HP.[5] While HP did not disclose the acquisition sum, a Merrill Lynch report estimated that HP may have paid between $300 million and $400 million for Snapfish, while Snapfish’s revenue was less than $100 million.[2] Snapfish co-founder Raj Kapoor confirmed in a 2011 interview that the acquisition price was $300 million.[6]

In 2004, Snapfish opened a physical retail concept store in Alexandria, Virginia, but later closed it.[7]

In August 2013, Snapfish announced on their local websites (and through a mailing to members) that they were shutting down the service in Belgium, India, the Netherlands and Spain.[8]

In April 2015, HP reached an agreement to sell Snapfish back to District Photo. Under the terms of the sale, HP allowed the company to continue to use its printing services.[9]

During a website conversion in 2016 Snapfish had a data loss while converting to their new web system. Photos prior to January 2014 were unable to be migrated to the new website system. Snapfish said that although some photo albums were recovered, others will remain empty. Typically Snapfish has three versions of images: high resolution, low resolution, and printable images. Both the high resolution and low resolution were lost and the backup files for the printable images were not recoverable.[10]

On September 28, 2018 it was announced that Snapfish would acquire CafePress for more than $25 Million.[11][12] The acquisition of CafePress was completed on November 9, 2018.[13]

On June 11, 2019 it was announced that Shutterfly would be acquired and combined with smaller competitor Snapfish by Apollo Global Management, a private equity concern and alternative investment manager, as part of a simultaneous transaction under which Apollo would also acquire Shutterfly for $1.7 billion in cash plus approximately $1 billion in outstanding debt for a combined enterprise value of $2.7 billion. Snapfish's current owner, District Photo, would become a significant minority owner in the Shutterfly/Snapfish acquisition and amalgamation, although their exact final equity position was not disclosed in the release. The transaction, subject to customary closing conditions and regulatory approvals, is expected to close in the beginning of Q4 2019.[14][15]

See also

References

  1. ^ "Bala Parthasarathy, Co-Founder of Snapfish, Joins Canvera's Board". February 16, 2012. Archived from the original on January 10, 2013.
  2. ^ a b "HP to Acquire Leading Online Photo Service Snapfish". Silicon India. March 31, 2005. Archived from the original on January 10, 2013.
  3. ^ "Snapfish Management Team". Snapfish. April 2008. Archived from the original (PDF) on January 10, 2013. {{cite web}}: Italic or bold markup not allowed in: |publisher= (help)
  4. ^ "District Photo snaps up Snapfish". Washington Business Journal. October 30, 2001.
  5. ^ "HP To Acquire Leading Online Photo Service Snapfish". PALO ALTO, Calif.: HP. March 21, 2005. Archived from the original on January 10, 2013.
  6. ^ Gould, Jay (December 8, 2011). "Early Role Models Inspired Raj Kapoor to Co-Found Snapfish Before Selling it for $300 Million". Archived from the original on January 10, 2013. We ended up getting a $300 million offer for cash and a long-term relationship with District Photo.
  7. ^ "Snapfish Opens Premier Concept Store Brings Online Photo Services to Retail". HP.
  8. ^ "Exclusive: HP Shuts Photosharing & Printing Service Snapfish in India & 3 Other Countries".
  9. ^ Robinson, Tony (April 21, 2015). "Hewlett-Packard to Sell Snapfish Operation to District Photo". Bloomberg Business. Retrieved August 31, 2015.
  10. ^ Knowles, Jason (December 19, 2016). "Back up your photos with more than just an online storage site". ABC News Chicago. Retrieved October 5, 2017.
  11. ^ "Snapfish to Expand Product Offerings with CafePress Acquisition". GlobeNewswire News Room. September 28, 2018.
  12. ^ Menapace, Brendan. "CafePress Acquired by Snapfish in $25 Million Deal". Promo Marketing.
  13. ^ "Snapfish, LLC Successfully Completes Cash Tender Offer for Shares of CafePress Inc". GlobeNewswire News Room. November 9, 2018.
  14. ^ "Funds Managed by Affiliates of Apollo Global Management Announce the Acquisition of Shutterfly, Inc. in an All-Cash Transaction Valued at $2.7 Billion". Apollo Global Management. June 10, 2019.
  15. ^ "District Photo-owned Snapfish will merge with Shutterfly". WTOP. June 11, 2019.
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