Reports Indicate Shutterfly is Looking for a Potential Buyer
Yesterday, Bloomberg reported that Redwood City-based photo publishing service Shutterfly is looking to sell itself off. Currently in talks with the investment bank Qatalyst Partners to find a buyer, the report explains that these are only preliminary talks and are no guarantee any transaction will go through.
Founded in 1999 during the dot-com boom, Shutterfly initially raised approximately $190 million from various venture and private partners, but it wasn’t until 2006 the company took its IPO on the NASDAQ.
Since then, the company’s stock has been a bit jumpy at times, but is currently sitting at 218 percent of the IPO price. As of this writing, shares are at just over $50 a pop, putting the value of Shutterfly to an estimated $1.9 billion.
Without any potential buyer at the moment, this is likely just the beginning of the process that is figuring out what to do next with the publishing commerce giant. Stay tuned and we’ll be sure to keep you up to date on the latest news out of Shutterfly.
(via Silicon Beat)
Image credits: Your pictures are here 5/365 by Benson Kua