OverDrive, a digital reading platform for libraries and schools, announced the completion of its acquisition by KKR, a New York-based global investment firm. In December 2019, KKR announced that it had agreed to acquire OverDrive from Rakuten.
"With the sale completed, we are excited to begin working on the opportunities to grow our digital content platform with KKR's support," OverDrive Founder and CEO Steve Potash said in a statement. "We are pleased to have an investor with global resources that knows our industry, believes in our mission and is committed to helping us and our library and school partners succeed."
KKR has a long history of successfully investing in market-leading digital media and content businesses. This investment is intended to reflect KKR's deep understanding of and commitment to the public library, K-12 school, academic library and corporate digital content sectors.
KKR is making the investment in OverDrive from its KKR America's XII Fund. The financial terms of the acquisition were not announced.
