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Shutterfly Obtains Tiny Prints for $141M, Company Stock

March 25, 2011
REDWOOD CITY, CA—Shutterfly Inc., an Internet-based social expression and personal publishing service, has entered into an agreement to acquire Tiny Prints, a privately-held company based in Sunnyvale, CA. Tiny Prints operates tinyprints.com and weddingpaperdivas.com, two e-commerce brands offering cards, invitations, personalized stationery and photo books. Upon the closing of this transaction, the three co-founders and all the employees of Tiny Prints will join Shutterfly.

Under the terms of the definitive agreement, Shutterfly will acquire all of the outstanding stock of Tiny Prints in exchange for approximately $141 million in cash and approximately 3.9 million shares of Shutterfly common stock. In addition, Shutterfly will reserve approximately 1.4 million shares of common stock as consideration for the vested and unvested Tiny Prints employee equity awards assumed by Shutterfly.
 

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