EBook distribution company OverDrive has raised some new capital. Private equity firm Insight Venture Partners, a company that finances technology firms, has signed on to invest an undisclosed amount of money in OverDrive. The investment, which is subject to regulatory approval, will help finance “additional resources” for OverDrive, according to a press release.
OverDrive is best known for distributing eBooks in libraries and in retail stores throughout the U.S. The company distributes eBooks, audiobooks, music and video to more than 11,000 retailers, libraries and schools and even runs a digital book mobile. OverDrive distribues content from publishers including Random House, HarperCollins, Penguin, Hachette, McGraw-Hill and John Wiley.
Larry Handen, managing director at Insight Venture Partners had this statement: “We are particularly excited about OverDrive’s strong growth, market leadership, and commitment to customers. Our investment coincides with the 20th consecutive quarter of continuous profitability. This is a tribute to the company’s management team.”