Shutterfly purchases Israel's Photoccino
Shutterfly has acquired Israeli photo software company Photoccino, which online photo publishing company said will allow customers to better organize photos for albums, calendars and other products.
Financial terms were not disclosed.
Shutterfly, which lets people store, print and share photos on the Internet, said Wednesday that Photoccino's technology will be integrated into products across its Tiny Prints, Wedding Paper Divas, Treats and namesake brands.
Shutterfly President and CEO Jeffrey Housenbold said in the statement that Photoccino will give customers a way to efficiently organize the increasing number of photos they have stored.
Last month Shutterfly reported that its first-quarter loss widened from the year before as costs rose, but the Redwood City, Calif. company's results beat Wall Street expectations. That same month Shutterfly emerged as the winning bidder for Eastman Kodak Co.'s online unit. Kodak filed for bankruptcy protection in January. It will close its online photo service on July 2 and will transfer the business to Shutterfly.
Shares of Shutterfly Inc. shed 80 cents, or 3 percent, to $25.87 in morning trading. Over the last year, the stock has traded in a range of $21.34 to $64.45.