OverDrive, the global distributor of e-books, audiobooks and digital content services to retailers, libraries, and schools, announced this morning that it has received new funding from Insight Venture Partners, a private equity firm focused on technology companies. With what was termed a major investment, which is subject to regulatory approval, Peter Sobiloff and Larry Handen, both managing directors at Insight, will join OverDrive’s board.
“We are big believers in the future of digital books and e-reading for library patrons, students and consumers,” noted Sobiloff. “We look forward to leveraging Insight's capital and network to help accelerate OverDrive’s growth and expand its portfolio of solutions." According to Handen, the privately-held OverDrive, founded by Steve Potash in 1986, has been profitable for 20 consecutive quarters. The company distributes about 500,000 digital titles to 11,000 accounts and has been expanding its international presence, recently adding accounts in London, Dublin, Ankara, and Amsterdam.Part of the new funding will be used to continue that growth.
