Overdrive, a Cleveland-based provider of a digital reading platform used in schools and libraries, has agreed to be acquired by private equity firm KKR. Terms of the deal were not disclosed in the press announcement.
Founded in 1986, Overdrive currently serves about 43,000 libraries and schools across more than 75 countries. The company was acquired by Rakuten, a Japanese e-commerce company for $410 million in 2015. Rakuten said in a statement on Christmas that it would recognize ¥40 billion (approximately US $368 million) in profit from the sale.
Overdrive CEO Steve Potash, who founded the company, will continue to lead the company, according to Publishers Weekly.
