Kobo has about two million electronic books in its library. Indigo, with 6,600 employees at the end of 2008, sells books under several banners including Indigo Books & Music, Chapters and Coles.
We also look forward to partnering with Kobo on the delivery of additional eReading devices and offerings in 2010." "We are very proud of the Kobo team and thrilled with our strategic partners. "Kobo is an exciting initiative which will put both Indigo and Kobo at the forefront of the new digital reading revolution," Heather Reisman, founder and CEO of Indigo, said in a release after markets closed Tuesday.
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Shortcovers, launched in February, is a web-based digital download service that sells its products around the world. of Hong Kong, and REDGroup Retail Pty Ltd., a major book store chain in Australia. Strategic partners include Borders Group Inc., Instant Fame, a subsidiary of industrial, telecom and real estate giant Cheung Kong (Holdings) Ltd. The Toronto company also said Kobo has secured $16 million in funding including $5 million from Indigo. Other partners include major book retailers in the United States and Australia, and a Hong Kong conglomerate involved in everything from cellphones and real estate to shipbuilding and life sciences. Indigo said late Tuesday that the transaction will see Canada's largest bookstore chain own 58 per cent of Kobo.
(TSX:IDG) said Tuesday it has spun off its Shortcovers digital book business to Kobo, a new company controlled by Indigo along with some well-known international partners.
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