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.
Kobo Parent Acquires OverDrive
By on March 20, 2015
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
By on January 3, 2013
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
By on October 16, 2012
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.
OverDrive To Feature Fast Turnaround MARC Records, New APIs For OPAC Customization
By on June 14, 2012
In response to feedback from librarians and their patrons, digital content distributor OverDrive will soon roll out several “next generation” features that will make ebooks easier to access and catalog, and will make audiobooks easier to sample and download, according to Steve Potash, president and chief executive officer of the Cleveland-based company. “We are going live with…one new partner and one new service to automate and reduce the time and cost for MARC records,” Potash explained during a June 14 meeting with LJ and SLJ staff.
