March 27, 2015

Kobo Parent Acquires OverDrive

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.

OverDrive, 3M kick off 2013 with Promising Ebook Developments

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The Cuyahoga County Public Library (CCPL), Pioneer Library System (PLS), Hennepin County Library (HCL), and Mid-Continent Public Library (MCPL) were among several library systems that broke single-day ebook and audiobook-lending records this past Christmas, according to an announcement by OverDrive.In separate news, 3M last month achieved a milestone in its goal to make ebook searching a completely seamless experience.

Q&A: Steve Potash, President and CEO of OverDrive On New APIs, OverDrive Read, WIN Catalog and More

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Steve Potash, OverDrive President and CEO, discusses several new developments at the company, including new APIs to simplify ebook integration, the new OverDrive Read browser-based ereader, and the company’s new WIN catalog, as part of a series of Q&As leading up to “The Digital Shift: Libraries, Ebooks and Beyond,” LJ’s third annual ebook summit on Wednesday, October 17.