- First instance of a sale of a Facebook app.
- Acquisition enabled Lulu to offer social media marketing services, helping its author customers achieve wider book distribution.
- First major acquisition in the virtual library space, occurred three months before Amazon’s acquisition of Shelfari.
Overview
On August 18, 2008, Lulu acquired uGenie, the creator of the popular iRead digital library app for the Facebook platform.
All cash offer from Lulu, the leader in Web-based book publishing and distribution services for authors.
Significance
Catapult’s role
- Worked with management and investor Sierra Ventures to position the company as a leader in the new social media apps category.
- Broad marketing process included both online and offline potential buyers, including book publishers and retailers.
- Ran an efficient process; the engagement lasted less than 6 months.
“I couldn’t be happier with the work that Catapult did for iRead. They were able to artfully articulate the value of our virtual bookshelf application to a wide variety of buyers. They got us in front of senior decision makers at all the relevant companies and were fierce negotiators on our behalf.”
