RIVER GROVE, Ill., March 24 /PRNewswire/ -- 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
Fourteen40 will be integrated within Follett Digital Resources, which
supports all Follett businesses as the source of digital content and media
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.
SOURCE Follett Corporation