A group of investors behind several of the Polaroid brand properties including Jeffrey B. Hecktman – CEO of Hilco Global have been named as the preferred bidder for the assets of Edinburgh-based social media photo sharing website BlipFoto.
Polaroid FotoBar investors including Hilco Global to acquire assets of innovative social media photo sharing site as strategic add on business.
Metis Partners intellectual property brokers announced today that BlipFoto (www.polaroidblipfoto.com) the Edinburgh, Scotland based social media photo sharing website will be acquired by the end of the week. The website has reached over 2.4 million unique visitors per year and hosts more than five million images.
Metis Partners was instructed by Tom MacLennan of FRP Advisory LLP, provisional liquidator of Blipfoto Ltd., to handle the sale of the technological expertise and intellectual property behind Edinburgh-based Blipfoto earlier this month. Metis Partners are brokering the deal in which Blipfoto, which has generated a worldwide community of users called “Blippers”, will continue with business as usual and the treasured photo journals of these users will be maintained as part of the asset sale. The news has brought an outpouring of warmth and support for the website from users, and many have posted comments about how much the community means to them and how desperate they are for it to continue.
Nat Baldwin, of Metis Partners, who negotiated the deal for Blipfoto, said: "Blipfoto has benefited from remarkable brand affection. The preferred bidder views Blipfoto as a strategic opportunity and has expressed excitement about the prospects for growing the business and nurturing existing users. Metis Partners are delighted that the deal will enable Blipfoto to continue to expand in new ways.”
A group of investors behind several of the Polaroid brand properties including Jeffrey B. Hecktman – CEO of Hilco Global and Bobby Sager Partner and a Director at Gordon Brothers – have been named as the preferred bidder for the assets and the sale is expected to complete by the end of the week.
Mr. Hecktman – the investor, CEO and Chairman of Hilco Global said “The Blipfoto brand has created a genuine global community with users in over 175 countries who share the most important moments of their lives on a daily basis. By leveraging this type of powerful social media tool with the direction and great success we are having with the Polaroid brand as a whole and our new retail concept called Polaroid Fotobar, we believe this is as a fantastic addition to our current growth platform.”
Blipfoto was founded by Joe Tree 10 years ago and incorporated in 2007. In January of 2015 Blipfoto entered a partnership with Polaroid and the website was renamed and launched as Polaroid Blipfoto.
Scott W. Hardy – President and CEO of Polaroid indicated his support for the acquisition and his enthusiasm for a strong and continued brand strategic partnership. Hardy said, “We continue to see tremendous value in Polaroid Blipfoto from both a business and a human perspective. This was true in January when we announced our partnership, and continues to be true today. The heartfelt expressions of support and affinity for Polaroid Blipfoto from members of the community this past week are as clear an indication as you can get of just how much this service means to the people who use it. We are delighted to have reached an agreement that will enable us to keep this vibrant and important community alive and well for current and future users.”
Originally, Mr.Tree set himself the challenge of taking one picture of his day every single day and posting it online. Now thousands of users document their lives in online journals and even meet up in the real world. Users tend to be extremely loyal and passionate, Tree has said, "They want to create something that they can hand over to their kids".
The company has received major funding from both individuals and enterprise agencies and has had major positive press coverage from journals of record, including Time, Forbes and the Guardian. Its images are downloaded each day by the British library because of their unique historical significance in tracking the lives of many individuals.
Metis Partners has successfully sold the IP behind WeeWorld.com, the Scottish-based social network which promoted Alicia Keys, Justin Bieber, Justin Timberlake and the Pussycat Dolls, also under instruction from Tom MacLennan and Iain Fraser of FRP Advisory LLP, joint liquidators of WeeWorld Ltd.
About Metis Partners: Metis Partners (www.metispartners.com) is a specialist IP firm with a long-standing and proven track record in helping improve the ROI from a company’s IP assets by making these assets visible on the company balance sheet, or transforming these assets into cash. With a strong multi-disciplinary team headed by an IAM 300-acknowledged leading IP strategist, and significant IP experience built up over a number of years working in IP-related sectors, Metis Partners is the go-to firm for IP-related advice.
About FRP Advisory: FRP Advisory (www.frpadvisory.com ) provides a professional and considered approach to problem solving. With 220 team members including 31 partners operating from 13 office locations across England, Wales and Scotland. FRP Advisory is one of the UK’s largest specialists in the area of turnaround corporate restructuring and recovery with a strong reputation and track record for creating preserving and recovering value across a range of compels situations. Its advisors work at board level, with investors, lenders, government and regulatory bodies, other professionals and individuals requiring professional support. FRP Advisory provides a wide range of services as well as specialist industry experience to enable the delivery of sector special solutions.
About Polaroid: Polaroid is one of the most trusted, well-respected and recognizable brands with a rich 75 year history beginning with Polaroid instant film. The Polaroid range of products includes instant and digital still cameras, high-definition and mountable sports video cameras, tablets and flat-screen TVs that deliver the fun, instant gratification and value for which the brand has long stood. Today, the Polaroid Classic Border Logo rooted in the brand’s beginnings of instant photo sharing serves to designate genuine Polaroid branded products. For more information, visit www.Polaroid.com . Polaroid, Polaroid & Pixel, Polaroid Color Spectrum and Polaroid Classic Border Logo are trademarks of PLR IP Holdings, LLC, used under license.
About Hilco Global: Hilco Global (www.hilcoglobal.com) is an independent and diversified financial services company and the world’s preeminent authority on maximizing the value of assets for both healthy and distressed companies. Hilco Global operates as the holding company comprised of twenty specialized business units that work to help companies understand the value of their assets and then monetize that value. Often, Hilco Global acts as an advisor to provide consultative services in all aspects of the asset management process. For over 28 years acting as a principal or agent, Hilco Global has a successful track record of delivering the best possible result by aligning interests with clients and providing them strategic insight, advice, and, in many instances, the capital required to complete the deal.
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