Kodak Completes Acquisition of Leading Online Photo Service Ofoto
Press release from the issuing company
ROCHESTER, N.Y., June 4 -- Eastman Kodak Company announced the completion of the acquisition of Emeryville, Calif.- based, Ofoto, Inc., a leading online photography service. The completion of the acquisition will accelerate Kodak's growth in the online photography market and help drive more rapid adoption of digital and online services by providing an easy way to store, share and print pictures online.
Kodak now has the premier online photography system for retailers and consumers, offering a full range of services, including film scanning, uploading digital pictures, storage, output capabilities and photo enhancement features that enable unique and innovative products.
"The closing of the transaction is a win for both our retail customers and consumers," said Willy Shih, president, Digital and Applied Imaging, and senior vice president, Eastman Kodak Company. "Combining Ofoto's capabilities with Kodak's existing infrastructure delivers an unrivalled digital photography service to our customers."
The acquisition of Ofoto is Kodak's latest move in the infoimaging industry, which is driven by the convergence of images and information technology. Infoimaging unites three closely related imaging markets-services / media, such as Ofoto (www.ofoto.com), infrastructure and devices - that enable people to more easily and effectively share pictures as information, entertainment or memories. The acquisition of Ofoto will enable Kodak to deliver the most comprehensive, easy-to-use online photography services by combining Kodak's and Ofoto's technology, marketing and distribution assets.
Ofoto will operate as a wholly owned subsidiary of Kodak, and will complement the company's existing infrastructure and Internet photography services. Financial terms of the acquisition were not disclosed.
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