Photo: Courtesy: Pearson
Penguin CEO John Makinson is in Bloomington Thursday, to announce the acquisition to ASI employees.
Author Solutions has been sold to a global education and consumer publishing services provider by Bertram Capital, a private equity investment firm based in California that has held the company for the past five years.
Pearson announced the $116 million acquisition of the self-publishing company, which will be part of its Penguin division.
“Self-publishing has moved into the mainstream of our industry over the past three years,” Penguin’s chief executive John Makinson said in a statement. “It has provided new outlets for professional writers, a huge increase in the range of books available to readers and an exciting source of content for publishers such as Penguin. No-one has captured this opportunity as successfully as Author Solutions.”
According to a statement from Pearson, Author Solutions will be run as a separate business.
Author Solutions does about $100 million in sales per year and about 1,600 employees, primarily in Cebu City, the Philippines, and Bloomington.
