By Sneha Shankar - Amazon.com NASDAQ:AMZN announced Thursday that it has reached an agreement to acquire comiXology, a seller of digital comics, for an undisclosed amount.
New York-based comiXology offers graphic novels from more than 75 publishers as well as individual contributors. And, while the terms of the acquisition were not disclosed in the statement released by Amazon, the company mentioned that the deal is expected to close in the second quarter of 2014.
“Amazon and comiXology share a passion for reinventing reading in a digital world,” David Naggar, Amazon’s vice president for content acquisition and independent publishing, said in the statement, adding: “We’ve long admired the passion comiXology brings to changing the way we buy and read comics and graphic novels. We look forward to investing in the business, growing the team, and together, bringing comics and graphic novels to even more readers.”
Founded in 2007, comiXology will operate as a standalone business after the deal, and will retain its brand, management team and its New York headquarters, according to the statement.
“Amazon, when it buys a working company that’s doing a good job, tends to let them spread their wings,” David Steinberger, co-founder and CEO of comiXology, told Time magazine, adding: “It gives them resources and lets them go on the same path, only faster, better and stronger.”
ComiXology is one of the most popular apps on Apple devices and, according to a company statement, it had seen 180 million downloads of comic books and graphic novels worldwide by mid-2013.
“ComiXology’s mission is to spread the love of comics and graphic novels in all forms,” David Steinberger, said in the statement, adding: “There is no better home for comiXology than Amazon to see this vision through. Working together, we look to accelerate a new age for comic books and graphic novels.”
Amazon’s shares dipped 4.43 percent at close of trading on Thursday.