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CIG Makes Equity Investment in LibraryThing
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.
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