LibraryThing Partners With Cambridge
Cambridge Information Group (CIG), parent company to Bowker and ProQuest, has made an equity investment in LibraryThing (www.LibraryThing.com), an online book-cataloging service and social-networking site. Under the terms of the agreement, CIG purchased a minority stake in LibraryThing, and also has designated Bowker as the exclusive worldwide distributor of LibraryThing for Libraries (LTFL). LTFL is LibraryThing’s flagship library product, which puts tags, recommendations and reviews directly into a library's catalog.
LibraryThing Founder Tim Spalding addressed the deal in his blog (http://www.LibraryThing.com/blog/2009/01/librarything-and-cigthe-deal.php), writing that it "frees us from worry and gives us room to grow." Citing "moolah" as a key factor in his decision to partner with CIG, he wrote, "LibraryThing has been profitable for a while, but we didn't have much of a cushion. It was a nail-biter. We needed servers and new employees, but what if we had a few down months? And did I mention the economy is sick? (Cut to Tim worrying.)"
“LibraryThing has successfully developed an online service that meets the needs of the 21st-century library system,” says 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.”