In a significant development, Lensrentals, a leading online rental service provider for photo, video, audio, and lighting equipment, has announced the acquisition of BorrowLenses, a key competitor in the space. The deal is an all-cash acquisition, according to sources familiar with the matter.
Background on the Companies
Lensrentals was founded in 2006 and has since grown to become one of the largest online rental services for photo, video, audio, and lighting equipment. With a reputation for being a good place to work (the company is largely owned by its employees), Lensrentals has cultivated a loyal customer base.
BorrowLenses, on the other hand, was acquired by Shutterfly about a decade ago. Shutterfly was public at the time but was later acquired by Apollo in 2021. BorrowLenses boasts an extensive inventory of equipment and has established strong relationships with its customer base through localized approach and educational content.
The Acquisition
Tyler Beckman, CEO of Lensrentals, tells TechCrunch that his company sees BorrowLenses as "friendly rivals" that push each other to excel. The acquisition presents an opportunity for Lensrentals to leverage the benefits of operating at a greater scale.
"We look forward to all BorrowLenses customers getting to experience what I mean by that," says Beckman, referring to the potential benefits of ownership in the hands of employees.
Impact on Staff and Location
It is unclear what the acquisition means for job security at BorrowLenses or its San Carlos location. A source familiar with the deal suggests that the Lensrentals team is evaluating the viability of keeping the employees and location as part of the integration process.
Benefits for Customers
The combined company will have access to a broader selection of gear, including more than 6,000 different lenses, cameras, drones, lighting, audio, and studio equipment. Fast nationwide shipping and comprehensive insurance will enable customers to rent equipment with confidence.
The Lensrentals Keeper Program
BorrowLenses’s inventory will be integrated into the Lensrentals platform, expanding its offerings and increasing customer convenience. The combined company will also retain BorrowLenses’s educational content, providing customers with valuable resources for learning about photography and videography.
A Boost for Online Rental Services
The acquisition is a significant development in the online rental services space, demonstrating the growing demand for convenient and accessible equipment rentals. Lensrentals has set a high standard for customer service and satisfaction, and the addition of BorrowLenses’s inventory will further enhance its offerings.
Conclusion
The acquisition of BorrowLenses by Lensrentals presents an exciting opportunity for both companies to leverage each other’s strengths and expand their services. With its reputation for excellence in customer service, Lensrentals is well-positioned to continue leading the online rental market.
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