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3M buys German e-reading company txtr |
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3M has said that it has invested in Berlin-based e-reading company txtr GmbH, via its 3M New Ventures and 3M Electro & Communications Business. Terms of the transaction were not disclosed. Founded in 2008, txtr provides an eReading solution to mobile operators, device manufacturers, mobile operators, content or media companies and retailers, offering an end-to-end eBook discovery, purchase, read and share consumer experience. It features a back-end platform with store, a cloud-based personal library storage and an extensive international eBook catalogue. 3M said the investment supports its innovation strategy, both from a strategic point of view and with concrete business opportunities. Stefan Gabriel, president, 3M New Ventures said the ivnestment would bring innovative new-to-3M technology and business opportunities “that will create high growth potential for a variety of 3M divisions.” “We will be able to use txtr’s eReading cloud services to accelerate commercialization of innovative solutions for our customers,” he said. With txtr, 3M intends to leverage connectivity and mobile access to documents and books with innovation opportunities for vertical markets including the educational sector, the library business and the automotive industry. Christophe Maire, CEO, txtr, said while market expectations envision the eReading market and digital booksto be around five percent of the $90 billion publishing market by 2014, “txtr expects this to be closer to 30 percent.” txtr has mobile reading apps for the iPhone and Android for a range of leading eBook retailers and wholesalers such as Koch, Neff & Volckmar GmbH (KNV), bol.com, SKK and others. The company aims to create the largest network for eBooks distribution worldwide. |
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