Mon, Mar. 14, 7:10 PM
- CFO Michael Pope and CTO Satish Menon have been granted contract amendments that provide them with 12 months of salary and the full acceleration of equity grants in the event of a "qualifying termination" within 12 months of a "Corporate Transaction." The benefits expire at the end of 2017.
- A "qualifying termination," for those wondering, includes a termination without cause or a resignation within 3 months of an event constituting "Good Reason." Such events include a "material reduction" in responsibilities, the relocation of the execs' offices by more than 35 miles, and a material reduction in compensation.
- The provisions come after Shutterfly (NASDAQ:SFLY) disclosed in February it has received buyout interest from a P-E firm. Reuters has reported the firm in question is Thomas H. Lee.
Tue, Feb. 23, 4:00 PM
- Reuters reports P-E firm Thomas H. Lee has approached Shutterfly (SFLY +7.6%) with a preliminary buyout offer.
- The report follows an 8-K filing in which Shutterfly disclosed receiving communications from an unnamed P-E firm that indicated "an interest in acquiring the company." Shutterfly: "The Board exercises its fiduciary duties in giving due consideration to such indications of interest, but is not engaged in negotiations regarding the sale of the Company. The Company's highest priorities at this time are delivering its 2016 results and hiring a new Chief Executive Officer."
- Shutterfly has also disclosed chairman Philip Marineau has been named interim CEO. He replaces Jeffrey Housenbold, whose pending departure was announced on Dec. 1.
- Four days ago: Shutterfly rallies after Axiom declares sale inevitable
Fri, Feb. 19, 4:33 PM
- Shutterfly (NASDAQ:SFLY) closed up 4.2% on a day the Nasdaq rose just 0.4%. Apparently helping: Axiom Capital (Buy rating, target hiked by $2 to $51) argued a sale of the online photo service provider is inevitable given the presence of activist Marathon Partners on the board, and that the company's free cash flow (over $100M/year) and under-levered balance sheet make it attractive to potential suitors.
- Axiom thinks a buyout valuation of 7.5x-8.5x EBITDA (32% upside at the midpoint) makes sense. P-E firm Silver Lake reportedly considered acquiring Shutterfly and HP's Snapfish unit (with the goal of combining the rivals) in 2014, but ultimately decided against doing so; Snapfish was later sold to District Photo.
- Axiom's call follows a 2015 in which Shutterfly announced the departures of CEO Jeffrey Housenbold, CFO Brian Regan, and COO Daniel McCormick, and in which Marathon (has criticized Shutterfly's executive compensation and M&A activity, among other things) won two board seats.
Apr. 21, 2015, 10:06 AM
- Looking to streamline ahead of its PC/printing spinoff, HP (HPQ -0.7%) is selling its Snapfish online photo-printing/storage unit to digital photo fulfillment services firm District Photo for an undisclosed sum. The deal is expected to close in the second half of FY15 (ends in October); Snapfish will continue using HP's printing hardware/software afterwards.
- HP bought Snapfish for over $300M in 2005. Reuters reported last September the IT giant was thinking of selling the unit; Bloomberg reported a month later P-E firms had decided to pass. Rival Shutterfly (SFLY -1.1%), also the subject of M&A rumors, is slightly lower today.
- Separately, HP has announced it's partnering with threat-prevention hardware/software/services leader FireEye (FEYE +3.5%) to deliver "a comprehensive suite of security remediation services underpinned by FireEye's advanced threat detection, intelligence, methodologies and incident response expertise."
- The joint offerings, which will be sold by HP's massive IT services arm, include a global incident response and compromise assessment services from HP and FireEye's Mandiant unit (hired by many firms to probe cyberattacks), and managed threat-protection services that "provide 24/7 security monitoring for indications that a cyber-attack has bypassed traditional technology defenses."
- News of the alliance comes a day after FireEye announced a partnership with firewall vendor/HP rival Check Point. FireEye's Q1 report arrives on April 30.
Oct. 10, 2014, 5:13 PM
- Bloomberg reports P-E firm Silver Lake has shelved its plans to acquire Shutterfly (NASDAQ:SFLY) and H-P-owned (NYSE:HPQ) Snapfish, with the goal of combining the two photo-printing/sharing sites. Sources add the firm is open to resuming talks.
- Silver Lake was previously reported to be in talks to buy Shutterfly for over $50/share. H-P was reported last month to be exploring a Snapfish sale; it bought the site in '05 for $300M+.
- Last Sunday, re/code reported H-P tried selling several major business units before deciding to spin off its PC and printing ops.
- SFLY -6.6% AH to $43.85.
Sep. 22, 2014, 12:11 PM
Sep. 12, 2014, 3:43 PM
- Hewlett-Packard (HPQ -0.6%) is exploring the sale of its web-based photo sharing service Snapfish, and has held discussions with P-E and industry buyers, Reuters reports.
- Snapfish, which H-P bought for more than $300M in 2005 and is part of the company's printing and personal systems group, is considered a non-core asset.
- Some of the groups that have been looking at Snapfish are said to have also expressed interest in buying another online photo-sharing services provider, Shutterfly (SFLY +0.5%).
Aug. 20, 2014, 10:28 AM
- Bloomberg reports P-E firm Hellman & Friedman is among the P-E firms to have submitted offers for Shutterfly (SFLY +2.6%).
- The news service adds Shutterfly may be been valued at ~$2B in a sale, and that Bain has also expressed interest. However, tech/Internet companies have shown little interest.
- Shares have moved higher in response to Bloomberg's report. Shutterfly's market cap is currently right around $2B.
- Previous: The Deal reports Shutterfly has received buyout offers
Aug. 14, 2014, 1:44 PM
- The Deal reports Shutterfly (SFLY +2.2%) has received multiple buyout offers, and is closing in on an agreement.
- Shares have spiked higher after previously trading near breakeven. They're up 12% since Bloomberg reported in early July Shutterfly is looking for a buyer.
- dealReporter reported of buyout interest two weeks ago.
Jul. 30, 2014, 11:46 AM
- Sources tell dealReporter Shutterfly (SFLY +3.1%) has drawn buyout interest as it continues looking for a suitor. Shares have spiked higher on the report.
- Bloomberg reported 4 weeks ago Shutterfly has hired Qatalyst Partners (headed by famed tech banker Frank Quattrone) to find a buyer.
- Q2 results are due this afternoon.
Jul. 2, 2014, 8:33 AM
Oct. 24, 2013, 6:36 PM
Apr. 30, 2013, 12:01 PM
Shutterfly (SFLY +1.7%) acquires MyPublisher, a provider of online photo book publishing services based on proprietary software, for an undisclosed sum. Shutterfly touts the natural synergies between MyPublisher's offerings and its own online photo product platform. News of the deal come ahead of Shutterfly's Q1 report, due tomorrow afternoon.| Apr. 30, 2013, 12:01 PM
Jan. 7, 2013, 10:57 AM
Shutterfly (SFLY +0.8%) confirms it's acquiring online photo sharing/storage provider ThisLife. Terms are undisclosed, but TechCrunch recently suggested the price tag is in the ~$25M range. Shutterfly says it will integrate ThisLife's photo organization and storage tech, which includes facial recognition, Facebook/Instagram importing, and a timeline feature, with the company's photo product creation offerings. (PR)| Jan. 7, 2013, 10:57 AM
Jan. 4, 2013, 10:10 AMTechCrunch passes on a rumor Shutterfly (SFLY +3.1%) is "set to acquire" photo sharing/storage site ThisLife for ~$25M. In addition to regular PC photo uploading, ThisLife supports the automatic importing of a user's images on popular photo-sharing sites such as Facebook, Instagram, and Flickr. In 2012, Shutterfly digested Kodak Gallery and photo ranking/analysis tool developer Photoccino. | Jan. 4, 2013, 10:10 AM
Sep. 17, 2012, 2:51 PM
Shutterfly (SFLY) has bought Penguin Digital, developer of a an app that allows users to order prints and buy other photo-related products (key chains, coffee mugs, etc.) from their phones. Shutterfly, whose photo solutions business is built around the same set of services, will re-brand Penguin's app and add it to its existing mobile lineup. (PR)| Sep. 17, 2012, 2:51 PM