Exclusive: HP exploring sale of photo sharing service Snapfish - source
Reuters
Published Sep 12, 2014 03:24PM ET
Updated Sep 12, 2014 03:40PM ET
Exclusive: HP exploring sale of photo sharing service Snapfish - source
By Nadia Damouni
NEW YORK (Reuters) - Hewlett-Packard Company (NYSE:HPQ) is exploring the sale of its web-based photo sharing service Snapfish, and has held discussions with multiple private equity and industry buyers, a person with knowledge of the situation said.
Snapfish, which HP bought for more than $300 million in 2005 and currently sits within its printing and personal systems group, is considered non-core for the company, the person said, asking not to be named because the matter is not public.
A spokesman for HP declined to comment.
Last year, HP replaced the printing and personal business' long-time head Todd Bradley with former Lenovo executive Dion Weisler. Bradley has since left the technology company, to join Tibco Software Inc as its president.
Some of the parties that have been eyeing Snapfish have also expressed interest in buying another online photo-sharing services provider, Shutterfly Inc, the person said.
Shutterfly hired Frank Quattrone's Qatalyst Partners over the summer to find a buyer, and is expected wrap up its process in the next several weeks, people familiar with the matter have said previously.
(Reporting By Nadia Damouni in New York; Editing by Meredith Mazzilli)
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