November 21, 2017

Kobo Parent Acquires OverDrive

Leading library ebook distributor OverDrive was sold to Rakuten on March 19 for $410 million cash, more than 16 times OverDrive’s annual earnings of $25 million. The purchase from private equity firm Insight Venture Partners, OverDrive’s majority owner since 2010, is scheduled to close in April. OverDrive will become a subsidiary of Rakuten USA, the U.S. arm of Japanese e-commerce company Rakuten. CEO Steve Potash will continue to lead OverDrive, and its headquarters will remain in Cleveland, OH.

First Read

Finding and downloading ebooks from libraries can still be “complicated and cumbersome, involving many steps that do not always work,” but several key vendors have taken steps to streamline and simplify ebook access in recent months, according to the long-anticipated “ReadersFirst Guide to Library Ebook Vendors,” which was released in January.

First Read

Finding and downloading ebooks from libraries can still be “complicated and cumbersome, involving many steps that do not always work,” but several key vendors have taken steps to streamline and simplify ebook access in recent months, according to the long-anticipated “ReadersFirst Guide to Library Ebook Vendors,” which was released in January.