Shutterfly Signs Agreement to Acquire Spoonflower
Shutterfly announced an agreement to acquire Spoonflower, a global marketplace connecting makers and consumers with artists worldwide, in an accretive acquisition for approximately $225 million of enterprise value subject to certain working capital and other adjustments. The acquisition will enable Shutterfly to more broadly serve the fast-growing home decor marketplace by adding Spoonflower wallpaper, fabric, linens, bedding, and other home decor soft goods to its product assortment and connecting Shutterfly’s 21 million active users to Spoonflower’s artists and design community. The acquisition, which is subject to regulatory approvals and customary closing conditions, is expected to close in the third quarter of 2021.
“We are excited to welcome Spoonflower to the Shutterfly family of brands,” says Hilary Schneider, CEO of Shutterfly. “Millions of consumers use Spoonflower to make and upload their own designs on premium fabric, wallpaper, and home decor, ignite their entrepreneurial spirit by launching small businesses or express their personal style by shopping the marketplace of more than one million designs. Driven by its passionate creative community and a visionary management team, Spoonflower has also experienced explosive growth over the last 18 months amid the thriving DIY consumer movement. It’s a highly complementary strategic fit for Shutterfly and a win/win for consumers, employees, and members of our creative community alike.”
Based in Durham, N.C. and with an international office in Berlin, Germany, Spoonflower is a global marketplace offering custom, print-on-demand fabric, wallpaper, and home decor designed by global independent artists. In addition to artists, Spoonflower’s diverse community also includes makers, consumers, interior designers, and small business owners. The acquisition follows a year of record revenue growth for Spoonflower, which boasts more than one million designs.
Schneider adds: “The Research Triangle Park (RTP) area — the tech hub encompassing Raleigh, Durham, and Chapel Hill, NC — is also home to a talented workforce and an entrepreneurial culture. We are excited to have a growth hub in RTP for further expansion across Shutterfly.”
With 3.3 million unique creatives and 4,000 new designs uploaded on average per day, this acquisition also builds upon strong tailwinds for the creative economy, a $2.25 trillion industry. According to Coresight Research, makers are a fast-growing segment driven by the massive increase of creative professionals using online platforms to market and sell unique designs across a variety of products.