MERGERS AND ACQUISITONS
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Noritsu America Corp. acquires Lucidiom
The retail photo innovator will expand its product line with user-generated merchandise platforms.
By Susan Belknapp Published: December 21, 2009 03:05 PM
Buena Park-based Noritsu America Corporation, an industry leader in retail photo solutions, has completed the acquisition of Vienna, Va.-based Lucidiom Inc. The merger will offer photo services retailers of all sizes a complete imaging solution that creates new revenue streams for photo department growth and profitability in the rapidly expanding social media age.
“Retailers looking for ways to enhance the profit opportunities from their photo services department now have an integrated and scalable photo solution for the consumer-driven digital age,” says Steven L’Heureux, COO, Noritsu America Corp. “What we are offering retailers is the opportunity to combine the resources of our superior digital imaging equipment, already deployed in more than 50 percent of the nation’s leading retailers, with Lucidiom’s innovative automated photo machine (APM) kiosks and versatile Web-based solutions.”
Lucidiom has an established network of more than 55,000 APM kiosks and Noritsu’s market leadership in printing solutions, the companies together will provide retailers new photo solution that can generate new revenue streams and improved gross margins in their photo departments.
This acquisition comes at a time when the photofinishing and photo services industry is transitioning from the standard print business and embracing a consumer-driven social expression era that includes the creation of custom photo merchandise products.
According an InfoTrends report presenting last September, the market for photo merchandise, specifically cards, calendars, books, and specialty photo prints, is forecast to grow from a $682 million market in 2007 to over $1.2 billion by the end of 2009 – an annual growth rate of 34 percent.
The photo merchandise category is expected to grow to more than $2.5 billion in revenue by 2013 – a compound annual growth rate (CAGR) of 22 percent.
“Consumers have increasingly come to expect photos to be a way of accenting their storytelling,” says Stephen Giordano, Lucidiom CEO. “We believe that to succeed in this new environment, retailers must offer services that allow those consumers to act as creator, publisher and distributor.”
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“Retailers looking for ways to enhance the profit opportunities from their photo services department now have an integrated and scalable photo solution for the consumer-driven digital age,” says Steven L’Heureux, COO, Noritsu America Corp. “What we are offering retailers is the opportunity to combine the resources of our superior digital imaging equipment, already deployed in more than 50 percent of the nation’s leading retailers, with Lucidiom’s innovative automated photo machine (APM) kiosks and versatile Web-based solutions.” Lucidiom has an established network of more than 55,000 APM kiosks and Noritsu’s market leadership in printing solutions, the companies together will provide retailers new photo solution that can generate new revenue streams and improved gross margins in their photo departments. This acquisition comes at a time when the photofinishing and photo services industry is transitioning from the standard print business and embracing a consumer-driven social expression era that includes the creation of custom photo merchandise products. According an InfoTrends report presenting last September, the market for photo merchandise, specifically cards, calendars, books, and specialty photo prints, is forecast to grow from a $682 million market in 2007 to over $1.2 billion by the end of 2009 – an annual growth rate of 34 percent. The photo merchandise category is expected to grow to more than $2.5 billion in revenue by 2013 – a compound annual growth rate (CAGR) of 22 percent. “Consumers have increasingly come to expect photos to be a way of accenting their storytelling,” says Stephen Giordano, Lucidiom CEO. “We believe that to succeed in this new environment, retailers must offer services that allow those consumers to act as creator, publisher and distributor.” NEXT PAGE >> Related headlines SCM stockholders approve Bluehill ID AG merger RFaxis receives first multi-million dollar purchase order Broadcom chips in for Bluetooth audio technology Samueli charges set aside New Century principles face SEC fraud charges |
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