that it has purchased self-publishing firm Author Solutions, Inc. (ASI) from Bertram Capital for $116 million in cash. Since 2007 ASI has been snapping up many self-publishers, including Xlibris, iUniverse and Trafford. Penguin says the acquisition will give it a "leading position" in the self-publishing industry.
Penguin CEO John Makinson said: "Self-publishing has moved into the mainstream of our industry over the past three years. It has provided new outlets for professional writers, a huge increase in the range of books available to readers and an exciting source of content for publishers such as Penguin. No-one has captured this opportunity as successfully as Author Solutions, which has rapidly built a position of world leadership on a platform of outstanding customer support and tailor-made publishing services. This acquisition will allow Penguin to participate fully in perhaps the fastest-growing area of the publishing economy and gain skills in customer acquisition and data analytics that will be vital to our future."
ASI has 1,600 employees, most of whom are located in Bloomington, Indiana and Cebu City, the Philippines. Penguin says the two companies will continue to operate separately. There is no word as to any proposed staff reductions as a result of the acquisition.