Groove Book Makes Shark Tank History
As the old business saying goes, "If you can't beat them, then acquire them." Groovebook Photo App has just become one of the Most Successful Products Ever Seen on the Shark Tank Show and the first ever to be acquired by a publicly traded company.
Shutterfly trades on NASDAQ, and one of the Biggest Internet Photo Publishing Services on the Internet with over 60 million registered users. After seeing GrooveBook quickly climb to over 1 million App downloads and over 200 million photos downloaded since appearing on the Shark Tank, Shutterfly just paid $14.5 Million for the entire business.
The Groove Book the only successful business to appear on the Shark Tank Show acquired in this manner, and a picture perfect fit to add to Shutterfly's recent acquisitions. The details of the deal was not disclosed other than the final $14.5 million price tag.
During the Shark Tank episode Mark Cuban and Kevin O'Leary invested $150,000.00 for 80% of the licensing rights to GroveBook's patented technology, while the Whiteman's retained control building their subscription service. Not even the Sharks prepared for the Groove Books Success growing the photo book subscription with only 18,000 downloads to over 1 million in record time.
Brian Whiteman was just on CNBC this morning with Kevin O'Leary and the CEO of Shutterfly, Jeffery Housenbold, talking more about this very successful deal. Brian did say he'll be working with Shutterfly for the next year to insure a smooth transaction, but already has a new product he wants to bring inside the Shark Tank.
Shutterfly's already feeling the effects partnering with a Successful Shark Tank product with millions in free advertising for both companies. I wonder how many other Publicly Traded Companies will now take notice of all the free publicity that goes along with this Show and start actively targeting their own Shark Tank deal?
The value of ALL Businesses associated with Shark Tank Show has dramatically increased overnight because of this Successful GrooveBook deal. It's a Historic Game Changer that no doubt will lead to even bigger and better deals when Wall Street realizes what Shutterfly has just accomplished. It's "almost" as good as going in the Shark Tank themselves.
You just can't buy this type of publicity for any amount of money. But if its a Business seen on the Shark Tank Show, you're "guaranteed" a huge amount of free ongoing publicity benefiting both companies.
Congratulations Groovebook and Shutterfly for completing this very successful deal. I can't wait to see what Jeffery brings into the Shark Tank next year.