Acquisition Further Strengthens Premium Printing and Product Design
REDWOOD CITY, Calif.--(BUSINESS WIRE)--
Inc. (NASDAQ:SFLY), the leading manufacturer and digital retailer of
high-quality personalized products and services, announced today that it
has acquired R&R Images, a boutique, high variability printer focused on
premium stationery printing and product design. R&R Images is
privately-held and located in Phoenix, Arizona.
Initially, the acquisition will have limited impact on Shutterfly
revenue, but will enhance the company's enterprise and consumer product
innovation, design and printing capabilities.
"As Shutterfly continues to grow, we are making additional strategic
investments in our manufacturing footprint focused on providing our
customers with innovative, high quality personalized products while
efficiently scaling and managing our costs," said Jeffrey Housenbold,
president and CEO of Shutterfly. "We are excited to combine R&R Images'
product innovation and expertise in premium, flexible printing
with Shutterfly's manufacturing scale and infrastructure to enhance our
capabilities and continue delighting our enterprise clients and
Inducement Grant Disclosure
In accordance with NASDAQ Listing Rule 5635(c)(4), Shutterfly granted an
inducement grant to Rod Key, R&R Images' founder. The inducement grant
consists of a restricted stock unit award representing the right to
receive up to 38,492 shares of Shutterfly's common stock. The award will
vest over three years, with 33 percent of the underlying shares vesting
on each of the first, second, and third anniversaries of the initial
August 29, 2013 grant date. The grant is being made as an inducement
material to Mr. Key's acceptance of employment with Shutterfly, in
accordance with NASDAQ Listing Rule 5635(c)(4). Vesting of the award is
subject to Mr. Key's continuous service through each vesting date.
About Shutterfly, Inc.
Shutterfly, Inc. is the leading manufacturer and digital retailer of
high-quality personalized products and services offered through a family
of lifestyle brands. Founded in 1999, the Shutterfly, Inc. family of
brands includes Shutterfly,
where your photos come to life in photo books, cards and gifts; Tiny
Prints, premium cards and stationery for all life's occasions; Wedding
Paper Divas, wedding invitations and stationery for every step of
the planning process; Treat,
personalized greeting cards that really stand out; and MyPublisher,
one of the pioneers in the photo book industry and creator of
easy-to-use photo book-making software. For more information about
Shutterfly, Inc. (NASDAQ:SFLY), visit www.shutterflyinc.com.
Michael Look, 650-610-5910
Source: Shutterfly, Inc.
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