California-headquartered Shutterfly, an online image publishing company, has announced that it has successfully agreed to acquire photography company Lifetouch in a deal worth $825mn.
Lifetouch is a leading operator within the school photography industry, photographing approximately 25mn children from 10mn households across 50,000 schools annually.
With this in mind, Shutterfly will be able to access the school market more readily and expand its offerings.
“Shutterfly and Lifetouch, two undisputed leaders in their respective industries, are both built around the mission of helping customers share life’s joy through photos,” said Christopher North, President & Chief Executive Officer of Shutterfly.
“Most exciting of all is the potential to bring together Lifetouch’s unique access to millions of families who value high-quality photographic portraits with Shutterfly’s cloud photo management, product breadth, and product creation capabilities.”
At the end of Lifetouch’s previous fiscal year ended 30 June 2017, the company recorded $963.9mn in revenue, of which Shutterfly expects to leverage $935mn of in the year following the acquisition.