River Grove, IL -- March 24, 2008. Follett Corporation today announced the acquisition of technology firm Fourteen40 Inc., an innovator of Web 2.0 social networking for collaborative learning. Financial terms of the transaction were not disclosed.
"Our acquisition of Fourteen40 adds social networking to our expanding platform of digital technologies, tools and products," said Christopher D. Traut, president and chief executive officer of Follett Corporation. "This investment reflects our strategic effort to deliver the industry's widest range of print and digital solutions that help education customers increase efficiency and enhance the learning experience."
The acquisition includes Fourteen40's social networking solution called CafeScribe (http://www.CafeScribe.com), an online site at which students can browse, purchase and download eBooks that they need for class. Once the eBook is downloaded, the students use a digital content reader called MyScribe to easily read and annotate the eBook, search the Internet and share notes with others as they study. The social networking tools within CafeScribe give students the option to invite others into the virtual equivalent of study groups.
Follett and Fourteen40 successfully piloted CafeScribe at a number of universities and community colleges last semester. "Combining the technological strength of CafeScribe and the distribution power of Follett will enable students to have a vast collection of books available to them electronically," said Bryce Johnson, chief executive officer of Fourteen40 Inc. "By using the tools available on CafeScribe, students will be able to study smarter and faster. As a company, we look forward to this exciting relationship."
Fourteen40 will be integrated within Follett Digital Resources, which supports all Follett businesses as the source of digital content and media for customers.
Follett Corporation is a $2.3 billion, privately-held company that provides products, services and solutions to the educational marketplace. Follett is the nation's largest provider of library materials and library technology to K-12 schools, the leading operator of college bookstores and a major distributor of textbooks to institutions at all levels of education. Follett Corporation was founded in 1873, and is headquartered in River Grove, Illinois.