January 2, 2020
Global investment firm KKR has acquired OverDrive, a digital reading platform for libraries and schools.
OverDrive provides ebooks, audiobooks, magazines and other digital media through its proprietary platform to 43,000 libraries and schools in 76 countries around the world. It was founded in 1986 and is based in Cleveland, Ohio in the US.
Ted Oberwager, Managing Director at KKR, said: “At a time of accelerating digital adoption throughout libraries and schools, OverDrive offers its growing user base a best-in-class technology platform and reading experience – something we’re excited to be a part of. We look forward to working with the company to further grow its portfolio and network, and continue to build on its status as a recognised leader in the digital content space.”
Steve Potash, founder and CEO of OverDrive, added: “OverDrive is very excited to work with the world-class KKR team due to their track record of accelerating digital media and technology businesses in global markets. This provides access to an extraordinary network of capabilities to empower our institutional partners for the benefit of the communities and readers they serve.”
KKR’s recent and related investments in the digital media and content sectors include Epic Games, AppLovin, RBmedia, Pandora, WebMD, UFC, Leonine, BMG Rights Management, Next Issue Media, and Nielsen.