Rakuten Acquires Kobo For $315 Million
Rakuten, Inc. (JSD:4755) has acquired e-reader company, Kobo, for $315 million. Based in Toronto, Kobo has produced a series of e-reader devices. Kobo is best known for working with Borders bookstores on designing a device. This past September, Kobo launched a mobile application that lets you see who is reading with you. Kobo Pulse adds social activities at a page level.
“We share a common vision of creating a content experience that is both global and social,” stated Kobo CEO Michael Serbinis. “Rakuten is already one of the world’s largest e-commerce platforms, while Kobo is the most social ebook service on the market and one of the world’s largest eBook stores with over 2.5 million titles.”
Rakuten is one of the biggest e-commerce companies with over 70 million users. Rakuten has travel, securities, media, and payment services. Rakuten also owns Buy.com, Tradoria, and Lekutian.This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry