ROCHESTER, N.Y. — Eastman Kodak Co. Monday disclosed the acquisition of Ofoto.com, an online digital photography site. Rochester, N.Y.-based Kodak didn’t disclose how much it will pay for privately held Ofoto, an Emeryville, Calif.-based site that has received more than $55 million in venture capital from a roster of investors that includes Apple Computer, Hewlett-Packard Co. and former Netscape Communications CEO James Barksdale.
Kodak said it will retain Ofoto’s current management team and run the company as a wholly owned subsidiary. Ofoto employs 121 workers. Since its launch in 1999, Ofoto has signed up 1.2 million members who use the site to process film and display photos online. Like many dot-com businesses, though, Ofoto has had to scale back once-grand plans as it struggles to make money in a highly competitive field that includes Shutterfly.com, Snapfish.com and PhotoPoint.com.
“Kodak gives us the resources we need to grow Ofoto beyond where it is today and make online photography a mass-market service,” said Ofoto CEO James Joaquin.
(Copyright 2001 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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