Baker & Taylor has made a number of investments in new companies in recent years, including a deal with VarsityBooks.com. In its agreement with the textbook e-retailer, B&T agreed to be the company's principal supplier, shipping books directly to customers. In exchange, Varsity sold B&T a 25% share in the company plus warrants to buy additional shares. B&T's Jim Ulsamer sits on the Varsity board.