Shutterfly
| Company type | Private |
|---|---|
| Industry | Photography, Image sharing, Personalized photo printing |
| Founded | December 1999 |
| Founder | Dan Baum, Eva Manolis |
| Headquarters | San Jose , United States |
Area served | Worldwide |
Key people | Sally Pofcher (President and CEO) |
| Products | Photo albums, framed prints, customized merchandise (blankets, mobile phone covers), professional portrait photography services (via Lifetouch) |
| Revenue | Nearly $2 billion (2018) |
| $115.54 million (2018) | |
| $50.37 million (2018) | |
| Total assets | $2.3 billion (2018) |
| Owner | Apollo Global Management |
Number of employees | 7000+ (2018) |
| Website | www |
Shutterfly, LLC. is a U.S.-based company specializing in photography and image sharing, with its main office located in San Jose, California. The firm focuses on personalized photo printing solutions, offering products such as photo albums, framed prints, and customized merchandise including blankets and mobile phone covers. Its brand portfolio encompasses subsidiaries like TinyPrints, SnapFish, Spoonflower, Shutterfly Business Solutions, and Lifetouch.
Established in 1999 by Dan Baum and Eva Manolis, Shutterfly is currently headed by President and CEO Sally Pofcher and is predominantly owned by Apollo Global Management. The company initially went public in 2006 but was privatized again in 2019 following acquisition by Apollo. For the year 2018, Shutterfly reported revenues near $2 billion, with operating profits of $115.54 million and net earnings of $50.37 million. The workforce exceeded 7,000 employees, and total assets were valued at $2.3 billion.
In March 2023, Shutterfly removed photographs from accounts that had not made product purchases for more than 18 months; however, after receiving customer feedback, the images were temporarily restored.
History
Shutterfly was launched in December 1999 by Eva Manolis and Dan Baum as an online platform for social expression and personal publishing. Its headquarters are situated in San Jose, California, with additional facilities located in Eden Prairie, Minnesota and Haifa, Israel. Core offerings include photo albums along with personalized cards and stationery.
In 2000, Shutterfly formed a partnership with Kodak to provide film processing and scanning services. By 2001, the company had raised $3 million from Silicon Valley Bank and an additional $10 million from Clark and Mohr Davidow Ventures, which included financing for equipment. After surpassing revenue targets in 2002, Shutterfly planned an initial public offering for 2004 but ultimately completed it in 2006, listing on the NASDAQ Global Select Market under the ticker “SFLY.”
In 2007, Deloitte & Touche honored Shutterfly as one of the Fast 50 Technology Companies in Silicon Valley and among the Fast 500 companies across North America, ranking it #20 within the Internet, Media & Entertainment and Communication sectors.
On June 10, 2019, private equity firm Apollo Global Management revealed plans to acquire Shutterfly for $2.7 billion alongside a separate $300 million purchase of rival Snapfish. Apollo consolidated both businesses into a single organization while allowing Snapfish’s parent company District Photo to retain minority ownership. The acquisition of Shutterfly was finalized in September 2019, followed by the completion of the Snapfish merger in January 2020.
In September 2021, Shutterfly resolved a class-action lawsuit concerning Illinois’ Biometric Information Privacy Act with a settlement amounting to $6.75 million. Later that year in December 2021, the company suffered a ransomware attack orchestrated by the 'Conti' group which led to the exposure of 7 GB of confidential data including financial records and payroll information.
Sally Pofcher assumed the role of CEO in May 2023 after Hilary Schneider transitioned to serve as a strategic advisor on the board. Earlier that year in March, Shutterfly removed images from accounts deemed "inactive." In September 2023, CFO Mike Eklund stepped down and was succeeded by Jan Paul Teuwen, previously CFO at Lumileds.
Acquisitions
In 2012, Shutterfly purchased Kodak Gallery from Eastman Kodak Company for $23.8 million.
Shutterfly's approach to acquisitions began in 2009 with the purchase of Tiny Pictures, a mobile application centered on photo sharing and commenting. The company broadened its reach in 2011 by acquiring Tiny Prints, Inc. and Wedding Paper Divas. The acquisition of Penguin Digital in 2012 added the MoPho app to Shutterfly’s offerings, which was subsequently incorporated into the Shutterfly Mobile App. In 2013, Shutterfly expanded further by acquiring This Life, a cloud-based platform for organizing photos and videos, along with BorrowLenses, a premium photography equipment rental business. BorrowLenses was later sold to Lensrentals in May 2024. That same year, Shutterfly also acquired MyPublisher, an early innovator in photobook creation, which was discontinued in 2017.
In 2014, Shutterfly acquired Groovebook, a mobile app company, for $14.5 million; notably, Groovebook had secured a deal on Shark Tank less than a year prior. A major acquisition occurred in 2018 when Shutterfly purchased Lifetouch for $825 million, significantly strengthening its presence in photography services.
Most recently, in June 2021, Shutterfly added on-demand printing company Spoonflower to its portfolio for $225 million, further expanding its range of products and services within the printing sector.
Products and services
Shutterfly specializes in personalized photo products including smartphone cases, photo books, wall décor, and home accessories. Through its Lifetouch division, it offers professional portrait photography services. Competing alongside Snapfish and other online photo platforms, Shutterfly serves more than 10 million customers annually with over 26 million orders and hosts upwards of 50 billion images.
Tiny Prints and Wedding Divas
In March 2011, Shutterfly acquired Tiny Prints and Wedding Paper Divas—companies specializing in customized cards and stationery—for $333 million paid in cash and stock. The company enhanced its mobile offerings in September 2014 by launching “Tiny Prints for iPad.”
This Life
Shutterfly purchased ThisLife in January 2013 for around $25 million. Founded by entrepreneurs Matt and Andrea Johnson, ThisLife provided a platform for organizing photos and videos by collecting content from social media channels, devices, and cloud storage services. In 2016, ThisLife’s features were integrated into Shutterfly Photos.
Treat
Introduced internally in April 2012, Treat offered customizable greeting cards featuring over 4,500 designs and collaborated with Hallmark. Shutterfly exited the mobile greeting card segment by discontinuing Treat in February 2015.
BorrowLenses
Founded in 2007 by Mark Gurevich and Max Shevyakov, BorrowLenses delivers rental services for high-end camera gear. Operating from dual headquarters located in San Carlos, California and Waltham, Massachusetts, BorrowLenses was acquired by Shutterfly in October 2013 to enhance its range of photo and video equipment rentals. The financial details of the deal were not publicly disclosed.
Lifetouch
Lifetouch Inc., based in Eden Prairie, Minnesota, is a prominent American photography company with Canadian operations headquartered in Winnipeg, Manitoba, as well as facilities situated throughout Nevada, Indiana, and Ohio. The acquisition of Lifetouch by Shutterfly in 2018 for $825 million considerably increased its market share within school and portrait photography sectors.