L Squared sells Kanopy to OverDrive

OverDrive is acquiring Kanopy, a video streaming service for public and academic libraries, from L Squared Capital Partners.

OverDrive is acquiring Kanopy, a video streaming service for public and academic libraries, from L Squared Capital Partners. No financial terms were disclosed.

PRESS RELEASE

Newport Beach, CA – OverDrive, a leading digital reading platform for libraries and schools, announced today that it is acquiring Kanopy, the leading video streaming service for public and academic libraries, from L Squared Capital Partners (“L Squared”). The acquisition of Kanopy will bring one of the industry’s most-acclaimed video catalogs to the OverDrive platform to better serve public and academic libraries around the world. Kanopy provides academic institutions and public libraries with an award-winning catalog of over 30,000 highly curated films that inspire, educate and entertain.

“We are grateful for our partnership with Kanopy’s CEO Kevin Sayar and the rest of their management team,” said Adam Kimura, Principal at L Squared. “Their leadership and innovation allowed the business to grow rapidly into a leading video streaming platform that is used by millions of students and library patrons across the world. The combination with OverDrive is a natural next step for Kanopy as together the businesses will deliver a more impactful platform to libraries worldwide. L Squared wishes Kanopy continued success and looks forward to following the company in its next chapter with OverDrive.”

“L Squared has been the perfect partner for us,” said Sayar. “Their long track record and deep expertise investing in education technology businesses enabled them to provide the strategic insight needed to scale our streaming platform from serving approximately 1,000 libraries at the beginning of 2018 to over 2,300 libraries today. We want to thank them for the great partnership that has produced outstanding results.”

About L Squared Capital Partners
L Squared makes long-term investments in leading growth companies that operate in targeted sectors: Education Technology, Tech-Enabled Services & Software, and Industrial Technology & Services. Our unique investor base of family offices enables us to focus on long-term value creation driven by revenue and earnings growth, not financial engineering or market timing. The principals of L Squared have worked together for over 15 years and have over 75 years of combined experience investing in growing private companies. For additional information, please visit www.LSquaredCap.com.