Like pixels across the interwebs:
Under the terms of agreement, CIG has purchased a minority stake in LibraryThing and has designated Bowker as the exclusive worldwide distributor for the library marketplace of LibraryThing for Libraries (LTFL), LibraryThing’s flagship library product. Terms of the transaction were not disclosed.
The addition of LTFL to Bowker and ProQuest’s growing suite of offerings, including AquaBrowser Library®, demonstrates CIG’s continued commitment to helping librarians and their patrons embrace Web 2.0 technologies to enhance and improve the efficacy of their book search and discovery efforts.
Tim Spalding, el jefe of all things LT, is confident this minority buy-in is a win-win situation:
Our shot. I have a simple internal label for this deal: We are going to get our shot. LibraryThing has done very well considering its humble origins and structure. If we had gone the venture capital route we’d have started with a lot more money, but we’d have to “flip it” about now–just when things were getting exciting. Instead, this deal means we get to keep our souls, and get our full shot at making LibraryThing.com and LibraryThing for Libraries everything we want them to be. That’s a wonderful opportunity.
For members, this is also great news. You’ve waited a long time for some features, and scaling has been a problem. Everything can’t happen right away, but it can happen. With your help and criticism we can continue to build the site you want, and support the community you created.
Not sure how this will play out. Obviously, both sides get something out of this deal, though for posterity I will remain borderline skeptical. Either way, now we play the waiting game.