Rakuten, Inc. entered into the process of acquiring Kobo, Inc. for $315 million in cash, according to Moco News. Kobo offers a range of e-readers and e-reading apps, as well as a catalog of more than 2.5 million ebooks. Kobo places emphasis on social reading, and has debuted integrated social reading platforms Kobo Reading Life and Kobo Pulse.
Kobo will become a wholly owned subsidiary of Rakuten, and will retain its headquarters and employees in Toronto, Ontario. Founded by Indigo Books & Music, Inc., a Canadian book, gift, and toy retailer, Kobo is a major player in the global ebook marketplace. The acquisition will allow Kobo to leverage Rakuten's global ecommerce presence to strengthen its current markets and expand to other countries and ecommerce categories.