Shutterfly Buys Out BorrowLenses
Oct 24th 2013 8:40PM
Updated Oct 24th 2013 8:42PM
Digital personalized product manufacturer Shutterfly has acquired BorrowLenses, an online marketplace for renting video and photographic equipment.
While specific financial aspects of the transaction were not disclosed, BorrowLenses' founders, Mark Gurevich and Max Shevyakov, will now become part of Shutterfly under the terms of the new deal. BorrowLenses currently offers its services at over 30 local and independently run camera stores in 12 states across the U.S.
Shutterfly's CEO, Jeffrey Housenbold, believes BorrowLenses to be "a perfect addition to the Shutterfly family of lifestyle brands, as they are the premium provider in the photo equipment rental category, and are passionate about helping their customers capture moments by providing them with best in class photography and video equipment."
Since the start of 2013, Shutterfly has seen its price per share rise from $29.87 to $54.83, an 83% increase.
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