That decline is larger than the multichannel retailer’s overall 5.8% sales decline.
Shutterfly has acquired Tiny Pictures, a photo and video applications developer. It paid $1.3 million in cash and another $1.3 million in stock for employees who continue with Shutterfly.
Shutterfly Inc. has acquired Tiny Pictures Inc., a photo applications developer and operator of Radar, a real-time photo sharing service for mobile phones. Shutterfly paid $1.3 million in addition to offering $1.3 million in stock with performance-based contingencies for employees joining Shutterfly, according to a recent U.S. Securities and Exchange Commission filing.
“I am impressed with their deep understanding of consumer needs and their ability to develop products and services that leverage the unique characteristics of mobile and social environments,” says Jeffrey Housenbold, president and chief executive officer of Shutterfly, No. 69 in the Internet Retailer Top 500 Guide.
Tiny Pictures CEO John Poisson and other Tiny Pictures’ employees will join Shutterfly when the deal is closed, Shutterfly says.
Based in San Francisco, Tiny Pictures was founded in 2005 and received investment support from venture capital firms Mohr Davidow Ventures and Draper Fisher Jurvetson along with several individual investors.
Nancy J. Schoendorf, a Shutterfly board member, also is a managing partner of Mohr Davidow Ventures.