Shutterfly acquires BorrowLens gear rental service
posted Friday, October 25, 2013 at 12:42 PM EDT
Popular gear rental service BorrowLens has been bought out by internet printing giant Shutterfly, the companies announced today. It's not clear what, if anything, this will mean for BorrowLens customers, but for now it seems that it's business as usual.
In a blog post about the acquisition, BorrowLens stated there would be no change in its services. Current orders will be fulfilled, and new ones can be placed. As for what the deal actually means, the answer to that is couched in marketing speak:
BorrowLenses.com and Shutterfly, Inc. are committed to providing you with great service and encourage you to explore the high-quality products and services offered by the Shutterfly, Inc. family of brands.
Hopefully this will just amount to some cross-branding, and it being easier to organize getting prints alongside your rental, and making gear rental available for Shutterfly customers.
As part of the acquisition, Shutterfly will award BorrowLens' Max Shevyakov and Mark Gurevich 134,698 shares each, over the next two years. SFLY is currently trading at just above $54 per share, making the payout the equivalent of approximately $7.2 million each.