HP Completes Acquisition of Leading Online Photo Service Snapfish
PALO ALTO, Calif., April 15, 2005
HP today announced the completion of its acquisition of Snapfish, a leading online photo service.
Effective today, Snapfish has joined HP's Consumer Imaging and Printing business led by Larry Lesley, senior vice president.
Both current and new Snapfish customers will continue to experience easy access to high-quality photo products and services when visiting http://www.snapfish.com. These include free online photo sharing, photo storage and management, free editing tools and software, online print ordering, wireless imaging services for camera phone and color handset users, and more than 70 personalized photo products - from calendars to hardbound photo albums to dog leashes.
"Snapfish's expertise in online photo services, coupled with HP's worldwide customer reach, will enable HP to capitalize on the growing market for online photo printing," said Lesley. "Through this acquisition, HP will be able to offer consumers unrivaled choice when deciding how, when and where they share, store and print their photos."
Whether a consumer wants the immediate gratification of printing photos at home or the simplicity of ordering a large batch of prints or photo merchandise online, HP now provides a more affordable, simple and comprehensive digital photography experience.
Snapfish has approximately 14 million registered members and is growing at a rate of more than 500,000 members per month, due in large part to high customer satisfaction - more than 90 percent of Snapfish's customers have recommended the service to others.
HP is a technology solutions provider to consumers, businesses and institutions globally. The company's offerings span IT infrastructure, global services, business and home computing, and imaging and printing. For the four fiscal quarters ended Jan. 31, 2005, HP revenue totaled $81.8 billion. More information about HP (NYSE, Nasdaq: HPQ) is available at http://www.hp.com.
This news release contains forward-looking statements that involve risks and uncertainties, as well as assumptions. If the risks and uncertainties ever materialize or the assumptions prove incorrect, the results of HP and its consolidated subsidiaries could differ materially from those expressed or implied by such forward-looking statements and assumptions. All statements other than statements of historical fact are statements that could be deemed forward-looking statements, including but not limited to any statements related to the plans, strategies and objectives of management for future product and service availability or functionality; any statements relating to the execution of integration plans; any statements of expectation or belief; and any statements of assumptions underlying any of the foregoing. The risks, uncertainties and assumptions referred to above include the possibility that the intended application of, and market for, these technologies, products and services may not develop as expected; that development and performance of these technologies, products and services may not proceed as planned; that anticipated benefits of the related photofinishing fulfillment arrangement with District Photo, Inc. may not be realized; employee management issues; the challenges of integrating Snapfish into HP; the challenges of maintaining Snapfish's customers following the acquisition; and other risks that are described from time to time in HP's Securities and Exchange Commission reports, including but not limited to HP's quarterly report on Form 10-Q for the fiscal quarter ended Jan. 31, 2005 and other reports filed after HP's annual report on Form 10-K for the fiscal year ended Oct. 31, 2004. HP assumes no obligation and does not intend to update these forward-looking statements.