Digital camera maker Digital Camera Corporation (NYSE:DCC) has agreed to buy camera company Zoom Digital for $3 billion.
Zoom, founded in 2013 by veteran photojournalist Mark Zuckerberg, is known for its digital cameras that can be used as personal cameras, and for its camera apps that allow users to share photos from their smartphones and other devices.
The deal is valued at $3,775 per share.
Zooming had $1.5 billion in cash on hand at the close of trading.
The stock closed up 1.3% to $3102.
Zoo Digital, founded by former Google executive and entrepreneur Evan Blass, had $2.8 billion in revenue last year, according to the company’s latest fiscal year report.
Zoot Digital has made its first investment in a digital camera maker in more than a decade.
Last year, it acquired digital camera startup Kinesis Imaging for $1 billion.
Zoot Digital also acquired the company for $2 billion in 2015.
Zoomba, founded last year by Zuckerberg, sells digital cameras to businesses that include restaurants, hospitals, and universities.
Zoopla, founded three years ago by the founders of Facebook, is owned by Facebook.
It also has a long-term deal with Apple Inc.
The purchase of Zoom Digital will give Digital Camera a greater presence in the digital camera market, according and founder Evan Blashe.
Zong, which also has $1,300 million in cash and $1 million of convertible debt, will retain all of its existing employees, the company said in a statement.ZOOM said it will retain approximately 150 people as part of the deal, as well as Zoopla’s existing product lineup.ZOPLA will continue to focus on its core business of digital photography, which includes digital cameras and related accessories.ZOM said in its press release that the acquisition will help it “provide more robust growth opportunities to expand the Zooplabs portfolio and accelerate our future growth.”
The deal follows a sale of its $3 million investment in Facebook in 2016, which is expected to close by the end of the year.
Zoooo was founded in 2012 and specializes in digital photography for businesses that sell products like smartphones and digital cameras.
Zooplas founder and CEO Ryan Kieffer said the acquisition gives the company a better chance of continuing to grow, even though the company is “in the process of shutting down.”
Zooplab, which was founded by Zuckerberg in 2007, was the first of Facebook’s $10 billion acquisition attempts.
The company has been a focus of the social media giant’s growth efforts since its founding in 2013.