OCLC Purchase of netLibrary Assets Approved

Posted on January 14, 2002

The final closing on the sale of netLibrary assets to OCLC Online Computer Library Center has been set for later this month, based upon approval granted by the U.S. Bankruptcy Court for the District of Colorado. The sale includes netLibrary's eBook Division and its MetaText eTextbook Division. netLibrary went through a series of layoffs in 2001 before filing Chapter 11 bankruptcy in November, 2001. At its peak the company employed about 450 people.

``OCLC has received very strong support and encouragement from libraries, publishers and distribution partners since the announcement of our intent to purchase netLibrary's assets,'' said Jay Jordan, president and CEO, OCLC. ``We are excited to be in a position to continue netLibrary's pioneering efforts. This acquisition will further our goals of providing libraries around the world with economical access to knowledge by continually expanding content and integrated services.''

``We are pleased to join the OCLC cooperative and to be able to add ebooks to the impressive lists of products and services already available through OCLC,'' said Rob Kaufman, president and CEO of netLibrary. ``Ebooks have proven their value in libraries around the globe, and we look forward to working with the entire OCLC team to continue to expand their role in supporting the research, reference and learning programs delivered through the world's universities and libraries.''

netLibrary's ebook operation will become a division of OCLC and will continue to operate in Boulder, Colorado, serving libraries and their users. The digital textbook group will become a for-profit subsidiary of OCLC and will also continue to operate in Boulder.

netLibrary develops and markets ebooks and MetaText digital textbooks. netLibrary ebooks are full-text electronic versions of published books that library patrons can search, borrow, read and return via the Internet. netLibrary also markets MetaText digital textbooks, interactive, web-based textbooks with enhanced teaching, collaborating and learning tools for teachers and students.

Headquartered in Dublin, Ohio, OCLC Online Computer Library Center is a nonprofit organization that provides computer-based cataloging, reference, resource sharing and preservation services to 41,000 libraries in 82 countries and territories. OCLC was founded in 1967 to improve access to the world's information and reduce information costs, and conducts ongoing research to develop technologies to support that mission. Forest Press, a division of OCLC since 1988, publishes the Dewey Decimal Classification system.