News

Kodak buys Applied Science Fiction's assets; key to photo kiosks

May 12, 2003

ROCHESTER, N.Y. -- Photography giant Eastman Kodak Co. will buy key assets of Austin, Texas-based Applied Science Fiction Technologies Inc. Kodak said Monday the assets will advance its efforts in the photo-kiosk market.

Kodak has signed a tentative agreement to buy Applied Science Fiction's proprietary rapid-film processing technology, called Digital PIC, and other assets, according to Applied Science Fiction. The companies did not release the purchase price.

About 80 employees will become part of Kodak's consumer imaging business.

In February 2000, Applied Science Fiction began the process of an initial public offering by filing documents with the U.S. Securities and Exchange Commission, according to an article in theAustin Business Journal. During the following year, as a result of the high- tech slowdown, the company withdrew its plans for the IPO and continued as a private company, the article said.

Applied Science Fiction has had a long-term relationship with Kodak as a customer. Former Kodak executive Peter Palermo is on its board of directors.

The photo-software and hardware company was formed in 1995 as a spinoff of Armonk, N.Y.-based IBM Corp., the article said. The company developed a way to process film without using chemicals. The process produces digital-image files that can be used to print photographs and write images on a CD.

Kodak's kiosks will become automatic photo machines, making photography developing more accessible, according to the companies.