OverDrive, a digital reading platform for libraries and schools, announced the purchase of RBmedia’s library business in North America, the United Kingdom and Australia, according to a June 23 news release.
OverDrive is purchasing RBmedia from investment firm KKR. KKR also owns OverDrive, so the investment firm is “uniquely positioned to facilitate this transaction and help bring libraries the best solutions possible,” according to the release.
Through the acquisition, OverDrive will enhance its digital footprint to offer audiobooks from RBdigital, and the company will also explore the addition of digital magazines.
“Combining the RBdigital library business with OverDrive’s industry-leading technologies will greatly benefit libraries and their readers worldwide,” said Steve Potash, founder and CEO of OverDrive, in the release. “We’re proud to enhance our value proposition for libraries by delighting readers with this new content on the award-winning Libby and Sora reading apps.”
The terms of the acquisition were not made public.