Library Technology Guides

Document Repository

CIG Makes Equity Investment in LibraryThing

Press Release: LibraryThing [January 22, 2009]

Copyright (c) 2009 LibraryThing

Abstract: Cambridge Information Group, a privately held investment firm and parent company to Bowker and ProQuest, has made an equity investment in LibraryThing, an emerging provider of online book cataloging services and solutions. Under the terms of agreement, CIG has purchased a minority stake in LibraryThing and has designated Bowker as the exclusive worldwide distributor for the library marketplace of LibraryThing for Libraries, LibraryThing’s flagship library product.


Bethesda, Maryland – January 22, 2009 – Cambridge Information Group (CIG), a privately held investment firm and parent company to Bowker (www.bowker.com) and ProQuest (www.proquest.com), has made an equity investment in LibraryThing, an emerging provider of online book cataloging services and solutions.

Under the terms of agreement, CIG has purchased a minority stake in LibraryThing and has designated Bowker as the exclusive worldwide distributor for the library marketplace of LibraryThing for Libraries (LTFL), LibraryThing’s flagship library product. Terms of the transaction were not disclosed.

The addition of LTFL to Bowker and ProQuest’s growing suite of offerings, including AquaBrowser Library, demonstrates CIG’s continued commitment to helping librarians and their patrons embrace Web 2.0 technologies to enhance and improve the efficacy of their book search and discovery efforts.

LibraryThing is an online service and social network to help library patrons and booklovers to easily catalog their books. The LTFL product enriches library online catalogs with the power and fun of Web 2.0. With LTFL added to a library catalog, patrons can browse, search and engage in a new and powerful way. LTFL is made up of the Catalog Enhancements, which includes tags, recommendations and other editions and translations, and the Reviews Enhancement, which places 250,000 reviews into library catalogs and lets patrons review books as well. Bowker will make available LTFL as a service level option within its Syndetics Solutions OPAC enrichment offerings.

"LibraryThing has successfully developed an online service that meets the needs of the 21st century library system," said Andy Snyder, president of CIG and chairman of both Bowker and ProQuest. "By integrating LibraryThing into Bowker and ProQuest’s suite of information services offerings, we will continue to expand our value proposition to the changing global library marketplace."

"CIG is a highly regarded firm that has shown a serious commitment to the library community through its willingness to invest in the development of new resources and solutions that meet the changing needs of libraries in the U.S. and abroad," said Tim Spalding, founder of LibraryThing. "We're delighted to partner with Bowker and ProQuest and look forward to working closely with their respective management teams in the library services marketplace."

Founded in 1872, Bowker is the global leader in bibliographic information management solutions and services for libraries, publishers and retailers worldwide. With corporate roots that trace back to 1938, ProQuest creates specialized information resources and technologies for libraries of all types and sizes. Together, Bowker and ProQuest deliver information services and solutions to tens of thousands of libraries worldwide.

About CIG

Cambridge Information Group (CIG) is an investment firm primarily focused on education, research and information services companies. Founded in 1971, CIG continues under the same family stewardship today, with a focus on building companies for long-term success. Headquartered in New York, NY and Bethesda, Maryland, CIG’s operating companies employ more than 2,100 people in offices around the world. For more information, please go to www.cigcompanies.com.

Permalink:
View Citation
Publication Year:2009
Type of Material:Press Release
Language English
Issue:January 22, 2009
Publisher:LibraryThing
Company: LibraryThing
Subject: Mergers and acquisitions
Record Number:13766
Last Update:2012-12-29 14:06:47
Date Created:2009-01-21 20:05:54