Shutterfly CEO Jeffrey Housenbold also noted:
“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. 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 consumers.”
The company announced that it gave an inducement grant to R and R Images’ founder Rod Key. The grant consists of up to 38,492 shares of Shutterfly stock vested over three years as long as Key stays with Shutterfly. At the time of publication, Shutterfly’s stock was at $51.96 per share, making the total shares worth about $2 million.
Earlier this year, Shutterfly acquired cloud-based photo and video storage platform ThisLife. We heard Shutterfly shelled out around $25 million for ThisLife, although he company did not disclose details of that acquisition either.